# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157952
**Filing Date:** 2025-6
**Character Count:** 2020068
**Document Hash:** 923f61c03dba078d04f21138867ef482
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157952.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157952

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251077049

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

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

## Series and Classes Contracts Data

### iShares Flexible Income Active ETF (Series ID: S000080411)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000242803 | iShares Flexible Income Active ETF |  |

## Nport-Ex

April 30, 2025

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Flexible Income Active ETF \| BINC \| NYSE Arca |

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 1988 CLO 5 Ltd., 5.80%, 07/15/37, <br> (3-mo. CME Term SOFR + 1.540%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | $4004473 |
| 522 Funding CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 04/15/35, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,250 | 3242228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 10/20/31, <br> (3-mo. CME Term SOFR + 2.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 10/23/34, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | 546998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 10/20/31, <br> (3-mo. CME Term SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,172 | 1171740 |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 5.60%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,755 | 2753456 |
| &nbsp;&nbsp;&nbsp; 720 East CLO VII Ltd., 5.34%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4436488 |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 2 Ltd., 5.62%, 04/15/34, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1495585 |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 3 Ltd., 5.52%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1979470 |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, 6.31%, <br> 02/15/37, (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR730 | 822567 |
| &nbsp;&nbsp;&nbsp; ACREC LLC, 5.63%, 08/18/42, <br> (1-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 4951542 |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.61%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,731 | 2742336 |
| &nbsp;&nbsp;&nbsp; 4.62%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,287 | 4278104 |
| Affirm Master Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.19%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,756 | 5785160 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,123 | 1127158 |
| &nbsp;&nbsp;&nbsp; AGL CLO 11 Ltd., 10.88%, 04/15/34, <br> (3-mo. CME Term SOFR + 6.622%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 339852 |
| &nbsp;&nbsp;&nbsp; AGL CLO 12 Ltd., 5.69%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,106 | 3099697 |
| &nbsp;&nbsp;&nbsp; AGL CLO 19 Ltd., 5.87%, 07/21/35, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999284 |
| &nbsp;&nbsp;&nbsp; AGL CLO 28 Ltd., 5.97%, 01/21/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000308 |
| &nbsp;&nbsp;&nbsp; AGL CLO 32 Ltd., 5.65%, 07/21/37, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750000 |
| &nbsp;&nbsp;&nbsp; AGL CLO 34 Ltd., 5.61%, 01/22/38, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1498212 |
| &nbsp;&nbsp;&nbsp; AGL CLO 7 Ltd., 6.22%, 07/15/34, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD580 | 579072 |
| &nbsp;&nbsp;&nbsp; AGL CLO 9 Ltd., 6.27%, 04/20/37, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD450 | 449910 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 15 Ltd., 5.68%, 01/20/35, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Aimco CLO, 6.26%, 04/16/37, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250450 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 11 Ltd., 5.93%, 07/17/37, <br> (3-mo. CME Term SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | 545490 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 18 Ltd., 7.12%, 07/20/37, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 982638 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 23 Ltd., 5.39%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1231909 |
| &nbsp;&nbsp;&nbsp; AMMC CLO 15 Ltd., 5.64%, 01/15/32, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 86160 |
| &nbsp;&nbsp;&nbsp; AMMC CLO 30 Ltd., 6.61%, 01/15/37, <br> (3-mo. CME Term SOFR + 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1007650 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 18 Ltd., 5.67%, <br> 04/15/34, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 349173 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 19 Ltd., 5.73%, <br> 10/15/34, <br> (3-mo. CME Term SOFR + 1.472%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1996879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., 5.87%, <br> 07/20/37, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | $4000000 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 6 Ltd., 5.71%, <br> 04/22/34, <br> (3-mo. CME Term SOFR + 1.440%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD692 | 690636 |
| &nbsp;&nbsp;&nbsp; Annisa CLO Ltd., 6.12%, 07/20/31, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 397840 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LII Ltd., 5.39%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1974400 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XL Ltd., 5.61%, 07/15/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1998750 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XLIII Ltd., 12.03%, 04/25/35, <br> (3-mo. CME Term SOFR + 7.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,260 | 1266263 |
| &nbsp;&nbsp;&nbsp; APIDOS CLO XLVIII Ltd., 5.72%, 07/25/37, <br> (3-mo. CME Term SOFR + 1.440%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD489 | 489281 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XV, 5.54%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.272%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD612 | 611151 |
| Apidos CLO XX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 07/16/31, <br> (3-mo. CME Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD725 | 725362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 07/16/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD541 | 540406 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXII, 5.59%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD679 | 678834 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXIV, 5.88%, 10/20/30, <br> (3-mo. CME Term SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4488750 |
| Apidos CLO XXV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 01/20/37, <br> (3-mo. CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,105 | 4072387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 01/20/37, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 494900 |
| Apidos CLO XXXII |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 01/20/33, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,742 | 1734287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 01/20/33, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD555 | 547452 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXV, 5.58%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,344 | 1338767 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVII, 5.66%, 10/22/34, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,815 | 1815000 |
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 5.55%, 04/25/35, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 998181 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, 5.76%, 11/15/37, <br> (3-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,150 | 1272984 |
| &nbsp;&nbsp;&nbsp; Arbour Clo XI DAC, 6.36%, 05/15/38, <br> (3-mo. EURIBOR + 3.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR800 | 909266 |
| &nbsp;&nbsp;&nbsp; AREIT LLC , 6.44%, 08/17/41, <br> (1-mo. CME Term SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD256 | 255982 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 05/17/41, <br> (1-mo. CME Term SOFR + 1.686%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,770 | 3761011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 12/17/29, <br> (1-mo. CME Term SOFR + 1.388%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,146 | 10044083 |
| ARES L CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 01/15/32, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD114 | 113563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 01/15/32, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,660 | 1660498 |
| &nbsp;&nbsp;&nbsp; Ares Loan Funding IV Ltd., 8.94%, 10/15/36, <br> (3-mo. CME Term SOFR + 4.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003430 |
| &nbsp;&nbsp;&nbsp; Ares LXVI CLO Ltd., 6.78%, 07/25/36, <br> (3-mo. CME Term SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 301590 |
| &nbsp;&nbsp;&nbsp; Ares XLVIII CLO Ltd., 7.23%, 07/20/30, <br> (3-mo. CME Term SOFR + 2.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001650 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; ARES XLVIII CLO Ltd., 6.11%, 07/20/30, <br> (3-mo. CME Term SOFR + 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | $549340 |
| &nbsp;&nbsp;&nbsp; Ares XXXIV CLO Ltd., 5.60%, 04/17/33, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD825 | 824413 |
| ARI Fleet Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.41%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 219042 |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,735 | 1743553 |
| &nbsp;&nbsp;&nbsp; 3.79%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD685 | 679639 |
| &nbsp;&nbsp;&nbsp; 5.69%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,288 | 2330969 |
| &nbsp;&nbsp;&nbsp; 6.03%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,492 | 2539240 |
| &nbsp;&nbsp;&nbsp; 5.16%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD829 | 840719 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD469 | 477577 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, 6.27%, 01/15/38, <br> (3-mo. EURIBOR + 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,660 | 1852060 |
| &nbsp;&nbsp;&nbsp; Arini European CLO V DAC, 5.17%, 01/15/39, <br> (3-mo. EURIBOR + 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,560 | 1715734 |
| Asimi Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 09/16/31, <br> (1-day SONIA + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP172 | 228877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/16/31, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133140 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Five SRL<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 11/15/39, <br> (1-mo. EURIBOR + 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 11/15/39, <br> (1-mo. EURIBOR + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR141 | 160470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/15/39, <br> (1-mo. EURIBOR + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%, 11/15/39, <br> (1-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR129 | 146130 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Three SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/34, <br> (1-mo. EURIBOR + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/21/34, <br> (1-mo. EURIBOR + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/21/34, <br> (1-mo. EURIBOR + 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114237 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/21/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR600 | 684291 |
| Assurant CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/20/31, <br> (3-mo. CME Term SOFR + 3.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1494565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A, 5.57%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD134 | 133610 |
| &nbsp;&nbsp;&nbsp; Atrium XIII, 5.43%, 11/21/30, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD802 | 799844 |
| &nbsp;&nbsp;&nbsp; Atrium XV, 5.65%, 07/16/36, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999901 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, 5.17%, 04/15/38, <br> (3-mo. EURIBOR + 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,100 | 1200995 |
| Auto ABS Italian Stella Loans SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/29/36, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR322 | 364608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/29/36, <br> (1-mo. EURIBOR + 0.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR742 | 841992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/29/36, <br> (1-mo. EURIBOR + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR89 | 101832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/29/36, <br> (1-mo. EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR89 | 101474 |
| Auto ABS Spanish Loans FT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/28/38, <br> (1-mo. EURIBOR + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR841 | 954315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/28/38, <br> (1-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR374 | 422925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Auto1 Car Funding SARL, 3.00%, 12/15/33, <br> (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR421 | $477589 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, 5.71%, 01/15/38, <br> (3-mo. EURIBOR + 3.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,170 | 1300067 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, 5.18%, 01/15/35, <br> (3-mo. EURIBOR + 2.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR580 | 646317 |
| &nbsp;&nbsp;&nbsp; Bain Capital CLO Ltd. Series 2024-1A, <br> Class A1, 5.81%, 04/16/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001060 |
| Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 04/16/36, <br> (3-mo. CME Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 749392 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 14 Ltd., 5.97%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 990400 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 15 Ltd., 5.59%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249858 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 17 Ltd., 5.68%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249569 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 19 Ltd., 5.60%, 04/20/35, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 2 Ltd., 5.72%, 02/20/36, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,420 | 1418336 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 22 Ltd., 5.80%, 04/15/37, <br> (3-mo. CME Term SOFR + 1.540%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000975 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 28 Ltd., 6.03%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 495800 |
| &nbsp;&nbsp;&nbsp; Bardot CLO Ltd., 5.25%, 10/22/32, <br> (3-mo. CME Term SOFR + 0.980%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,237 | 1230181 |
| Barings CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 01/20/31, <br> (3-mo. CME Term SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,310 | 1309324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,170 | 1168022 |
| &nbsp;&nbsp;&nbsp; Barings Equipment Finance LLC, 5.02%, <br> 06/13/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,409 | 6504740 |
| &nbsp;&nbsp;&nbsp; Bavarian Sky U.K. 6 PLC, 5.01%, 06/21/32, <br> (1-day SONIA + 0.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP872 | 1160322 |
| &nbsp;&nbsp;&nbsp; Bayswater Park CLO Ltd., 6.00%, 01/20/37, <br> (3-mo. CME Term SOFR + 1.730%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1252309 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO I Ltd., 5.46%, 03/30/38, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,560 | 1539584 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/19/39, <br> (1-mo. CME Term SOFR + 1.576%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,315 | 7301134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/21/42, <br> (1-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,895 | 7764379 |
| Bean Creek CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.28%, 04/20/31, <br> (3-mo. CME Term SOFR + 6.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1250511 |
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 7.36%, <br> 07/15/37, <br> (3-mo. CME Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1928287 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO IV Ltd., 5.62%, <br> 04/20/34, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,360 | 1356141 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO V-B Ltd., 5.80%, <br> 07/20/37, <br> (3-mo. CME Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,340 | 3343682 |
| Benefit Street Partners CLO VIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 01/20/31, <br> (3-mo. CME Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000400 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/20/31, <br> (3-mo. CME Term SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | $498162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A1AR, 5.63%, <br> 01/20/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD161 | 161464 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XII-B Ltd., 5.63%, <br> 10/15/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD950 | 949724 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVI Ltd., 6.98%, <br> 01/17/38, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 245530 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 07/15/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 07/15/34, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249600 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd. Series <br> 2020 21A, Class A1R, 5.69%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 3000000 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIII Ltd., 5.62%, <br> 04/25/34, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIV Ltd., 5.33%, <br> 10/20/34, <br> (3-mo. CME Term SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 992716 |
| Benefit Street Partners CLO XXIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,750 | 3721947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 997900 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVII Ltd., 5.64%, <br> 10/20/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 4000000 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd., 5.62%, <br> 10/20/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999565 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXIX Ltd., <br> 6.81%, 04/15/38, <br> (3-mo. CME Term SOFR + 2.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,550 | 1522328 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXV Ltd., 7.58%, <br> 04/25/37, <br> (3-mo. CME Term SOFR + 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD375 | 373350 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., <br> 5.62%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3992000 |
| &nbsp;&nbsp;&nbsp; Bethpage Park CLO Ltd., 5.65%, 01/15/35, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999000 |
| Betony CLO 2 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 04/30/31, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,583 | 1582465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 04/30/31, <br> (3-mo. CME Term SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248979 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 12 Ltd., 5.51%, 04/22/38, <br> (3-mo. CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1975004 |
| Birch Grove CLO 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 01/19/38, <br> (3-mo. CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3981823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 01/19/38, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 493300 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 7 Ltd., 6.07%, 10/20/36, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD840 | 840502 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 8 Ltd., 6.97%, 04/20/37, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,200 | 2205930 |
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 9.62%, 10/20/37, <br> (3-mo. CME Term SOFR + 5.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 946814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | $1498472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 08/15/31, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 10/25/30, <br> (3-mo. CME Term SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,405 | 2399356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/25/30, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,650 | 1646370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 11/15/30, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,284 | 2279803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/15/30, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001999 |
| BlueMountain CLO XXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.762%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD534 | 533655 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXIV Ltd., 6.13%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 247250 |
| &nbsp;&nbsp;&nbsp; BlueMountain Fuji U.S. CLO II Ltd., 5.53%, <br> 10/20/30, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,195 | 1195278 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,611 | 4624481 |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, <br> 6.05%, 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,549 | 2573001 |
| Brignole Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/24/42, <br> (1-mo. EURIBOR + 0.780%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR655 | 743310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 02/24/42, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR112 | 126576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 02/24/42, <br> (1-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR71 | 80731 |
| Bryant Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/18/38, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2498270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 01/18/38, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1480515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89%, 07/15/36, <br> (3-mo. CME Term SOFR + 8.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 948573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 986755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.09%, 04/15/38, <br> (3-mo. CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 737832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.24%, 04/15/38, <br> (3-mo. CME Term SOFR + 3.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1465923 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 5.96%, 10/18/42, <br> (1-mo. CME Term SOFR + 1.639%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12,785 | 12636509 |
| &nbsp;&nbsp;&nbsp; Cabinteely Park CLO DAC, 5.91%, 08/15/34, <br> (3-mo. EURIBOR + 3.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR700 | 785935 |
| &nbsp;&nbsp;&nbsp; California Street CLO IX LP, 5.62%, 07/16/32, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD881 | 881514 |
| Canyon Capital CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 04/15/34, <br> (3-mo. CME Term SOFR + 2.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD799 | 799259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.26%, 10/15/36, <br> (3-mo. CME Term SOFR + 5.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251661 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., 5.59%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD531 | 531257 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, 5.41%, 10/25/37, <br> (3-mo. EURIBOR + 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,360 | 1512556 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> 5.07%, 05/15/28, <br> (3-mo. CME Term SOFR + 0.812%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD192 | $191880 |
| &nbsp;&nbsp;&nbsp; Carbone CLO Ltd., 5.67%, 01/20/31, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,755 | 1754271 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.36%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP230 | 306548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06%, 08/20/31, <br> (1-day SONIA + 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP175 | 233576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 08/20/31, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP381 | 508112 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,148 | 1148375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 07/20/31, <br> (3-mo. CME Term SOFR + 1.242%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD713 | 711788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD32 | 32444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/31, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,369 | 1368422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 07/27/31, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD469 | 469317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 04/17/31, <br> (3-mo. CME Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,100 | 1099780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 07/20/32, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,219 | 3215995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A1R2, 5.51%, <br> 04/17/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD311 | 311132 |
| Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,017 | 2015111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD580 | 579478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 10/15/31, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD768 | 767056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1993401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/21/37, <br> (3-mo. CME Term SOFR + 1.780%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 996600 |
| &nbsp;&nbsp;&nbsp; CarVal CLO I Ltd., 5.49%, 07/16/31, <br> (3-mo. CME Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,142 | 2138552 |
| &nbsp;&nbsp;&nbsp; CarVal CLO II Ltd., 5.29%, 04/20/32, <br> (3-mo. CME Term SOFR + 1.020%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD976 | 971183 |
| &nbsp;&nbsp;&nbsp; Cayuga Park CLO Ltd., 5.66%, 07/17/34, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,110 | 2108945 |
| CBAM Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/20/32, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,933 | 1933263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 01/20/34, <br> (3-mo. CME Term SOFR + 2.062%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1989920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 997000 |
| &nbsp;&nbsp;&nbsp; Cedar Funding V CLO Ltd., 5.64%, 07/17/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD340 | 340288 |
| &nbsp;&nbsp;&nbsp; Cedar Funding VII CLO Ltd., 5.35%, 01/20/31, <br> (3-mo. CME Term SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,546 | 4532397 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd., 5.37%, 05/29/32, <br> (3-mo. CME Term SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,837 | 1828929 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XIV CLO Ltd., 5.64%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | 549967 |
| Chesapeake Funding II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD68 | 68724 |
| &nbsp;&nbsp;&nbsp; 6.16%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD283 | 287211 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; CIFC Funding 2017-II Ltd., 6.03%, 04/20/30, <br> (3-mo. CME Term SOFR + 1.762%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,860 | $1857210 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/22/31, <br> (3-mo. CME Term SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,709 | 2709340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 07/16/30, <br> (3-mo. CME Term SOFR + 2.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD850 | 851615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 299542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 10/18/30, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD607 | 606294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/18/31, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD640 | 640704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,750 | 2750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 04/21/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD320 | 320354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 01/18/31, <br> (3-mo. CME Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 497700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/18/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,238 | 2238777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD900 | 898125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 07/17/37, <br> (3-mo. CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,170 | 2170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 07/16/37, <br> (3-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 07/25/37, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 07/23/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1249451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.23%, 07/23/37, <br> (3-mo. CME Term SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,730 | 1671294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,745 | 2743081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.52%, 01/20/37, <br> (3-mo. CME Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2002391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,250 | 2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2495000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,370 | 1365479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/23/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 986594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/23/38, <br> (3-mo. CME Term SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2460506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/24/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2999168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,690 | 3666015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 3A, Class A1R, 5.66%, <br> 10/20/34, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,620 | 6620000 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 5.70%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249495 |
| College Ave Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.06%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 71197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 06/25/52, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD841 | 828326 |
| &nbsp;&nbsp;&nbsp; 2.72%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD157 | 143037 |
| &nbsp;&nbsp;&nbsp; 1.60%, 07/25/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD353 | 319207 |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, 5.34%, <br> 07/26/55, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,090 | 1075314 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Concord Music Royalties LLC, 5.64%, <br> 10/20/74<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,013 | $997995 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, 5.53%, 10/15/37, <br> (3-mo. EURIBOR + 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,560 | 1713857 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, 5.63%, 01/23/38, <br> (3-mo. EURIBOR + 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,980 | 2205421 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, 5.94%, 11/20/38, <br> (3-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR850 | 941777 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO 8 Ltd., 5.72%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.452%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249485 |
| &nbsp;&nbsp;&nbsp; Cumulus Static CLO DAC, 6.26%, 11/15/33, <br> (3-mo. EURIBOR + 3.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR333 | 375724 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 1 Ltd., 5.65%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,250 | 3250120 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 2 Ltd., 5.65%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 3000115 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 3 Ltd., 5.59%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2998171 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 4 Ltd., 6.09%, 01/15/37, <br> (3-mo. CME Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,555 | 1561761 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 9 Ltd., 5.49%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,150 | 3120321 |
| &nbsp;&nbsp;&nbsp; Dilosk Rmbs No. 9 Dac, 2.84%, 01/25/63, <br> (3-mo. EURIBOR + 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR551 | 622485 |
| Dowson PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 08/20/31, <br> (1-day SONIA + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP118 | 156067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81%, 08/20/31, <br> (1-day SONIA + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132253 |
| &nbsp;&nbsp;&nbsp; 5.34%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,137 | 1515989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 08/20/31, <br> (1-day SONIA + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP665 | 883866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.41%, 08/20/31, <br> (1-day SONIA + 3.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP500 | 662162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.41%, 08/20/31, <br> (1-day SONIA + 6.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP500 | 662283 |
| &nbsp;&nbsp;&nbsp; Dryden 102 CLO Ltd., 7.16%, 10/15/36, <br> (3-mo. CME Term SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250556 |
| &nbsp;&nbsp;&nbsp; Dryden 107 CLO Ltd., 9.47%, 08/15/35, <br> (3-mo. CME Term SOFR + 5.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251670 |
| &nbsp;&nbsp;&nbsp; Dryden 37 Senior Loan Fund, 5.62%, 01/15/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD378 | 377418 |
| &nbsp;&nbsp;&nbsp; Dryden 40 Senior Loan Fund, 5.47%, 08/15/31, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,116 | 5103167 |
| &nbsp;&nbsp;&nbsp; Dryden 50 Senior Loan Fund, 5.52%, 07/15/30, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,281 | 1279732 |
| &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd., 5.64%, 01/15/31, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,241 | 2240885 |
| &nbsp;&nbsp;&nbsp; Dryden 54 Senior Loan Fund, 5.42%, 10/19/29, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,406 | 1403518 |
| &nbsp;&nbsp;&nbsp; Dryden 60 CLO Ltd., 5.57%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,562 | 1560765 |
| &nbsp;&nbsp;&nbsp; Dryden 64 CLO Ltd., 5.50%, 04/18/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD491 | 491146 |
| &nbsp;&nbsp;&nbsp; Dryden 70 CLO Ltd., 5.69%, 01/16/32, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD604 | 603915 |
| &nbsp;&nbsp;&nbsp; Dryden 72 CLO Ltd., 5.42%, 05/15/32, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD828 | 824823 |
| &nbsp;&nbsp;&nbsp; Dryden 77 CLO Ltd., 5.70%, 05/20/34, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249507 |
| &nbsp;&nbsp;&nbsp; Dryden XXVI Senior Loan Fund Series <br> 2013-26A, Class AR, 5.42%, 04/15/29, <br> (3-mo. CME Term SOFR + 1.162%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,550 | 1548793 |
| &nbsp;&nbsp;&nbsp; Eaton Vance CLO Ltd., 6.07%, 01/15/34, <br> (3-mo. CME Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,400 | 2394720 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Edenbrook Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 03/22/57, <br> (1-day SONIA + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP144 | $190427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02%, 03/22/57, <br> (1-day SONIA + 2.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP99 | 131846 |
| &nbsp;&nbsp;&nbsp; EDvestinU Private Education Loan Issue No. 1 <br> LLC, 3.58%, 11/25/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD53 | 51762 |
| ELFI Graduate Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.51%, 08/26/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 112127 |
| &nbsp;&nbsp;&nbsp; 6.37%, 02/04/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD332 | 348066 |
| &nbsp;&nbsp;&nbsp; 5.56%, 08/25/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,468 | 5557767 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 14 Ltd., 5.59%, 04/20/35, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249364 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., 5.61%, 04/22/35, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1250000 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 16 Ltd., 6.77%, 04/20/37, <br> (3-mo. CME Term SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1249972 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 19 Ltd., 11.28%, 10/17/36, <br> (3-mo. CME Term SOFR + 7.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2015807 |
| Elmwood CLO 29 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.67%, 04/20/37, <br> (3-mo. CME Term SOFR + 6.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1519664 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 38 Ltd., 5.43%, 04/22/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2979000 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO II Ltd., 5.62%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750000 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO IV Ltd., 6.12%, 04/18/37, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 749250 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VII Ltd., 5.64%, 10/17/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| Elmwood CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,115 | 1104296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 01/20/38, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 982434 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO XII Ltd., 5.62%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd., 7.58%, 04/25/36, <br> (3-mo. CME Term SOFR + 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD420 | 420000 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD636 | 635209 |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD513 | 521841 |
| &nbsp;&nbsp;&nbsp; 5.23%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,406 | 1416616 |
| &nbsp;&nbsp;&nbsp; 5.51%, 01/22/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,110 | 1113422 |
| &nbsp;&nbsp;&nbsp; FACT SA, 3.25%, 09/22/31, <br> (1-mo. EURIBOR + 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR300 | 340338 |
| &nbsp;&nbsp;&nbsp; Fair Oaks Loan Funding III DAC, 5.28%, <br> 10/15/34, (3-mo. EURIBOR + 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,160 | 1287849 |
| Fidelity Grand Harbour CLO DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/34, <br> (3-mo. EURIBOR + 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1116887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/38, <br> (3-mo. EURIBOR + 4.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 227877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 02/15/38, <br> (3-mo. EURIBOR + 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,040 | 2237302 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.06%, 09/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,048 | 7039917 |
| &nbsp;&nbsp;&nbsp; 5.83%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,642 | 5693110 |
| &nbsp;&nbsp;&nbsp; Finance Ireland Auto Receivables No. 2 DAC, <br> 3.20%, 11/14/34, <br> (1-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR276 | 312935 |
| FirstKey Homes Trust, 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 492908 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 21 Ltd., 5.63%, 10/19/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249911 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 25 Ltd., 9.53%, 10/17/37, <br> (3-mo. CME Term SOFR + 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD780 | $739548 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 28 Ltd., 5.58%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 498779 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.27%, 05/17/27 | &nbsp;&nbsp;&nbsp; USD72 | 72305 |
| &nbsp;&nbsp;&nbsp; 5.28%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD166 | 170798 |
| &nbsp;&nbsp;&nbsp; 4.87%, 08/15/36<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,251 | 1272886 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust/Ford Credit, <br> 5.01%, 08/15/37<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,872 | 3913943 |
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, 8.67%, 04/22/34, <br> (3-mo. CME Term SOFR + 4.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 932121 |
| Fortuna Consumer Loan ABS DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 10/18/34, <br> (1-mo. EURIBOR + 0.720%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,300 | 2604256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/18/34, <br> (1-mo. EURIBOR + 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR300 | 340993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/18/34, <br> (1-mo. EURIBOR + 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/34, <br> (1-mo. EURIBOR + 4.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR300 | 344077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/35, <br> (1-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR600 | 676645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/18/35, <br> (1-mo. EURIBOR + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 225656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/18/35, <br> (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,300 | 3732425 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.19%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD328 | 307285 |
| &nbsp;&nbsp;&nbsp; 6.53%, 06/15/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,924 | 2004333 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,560 | 3549152 |
| &nbsp;&nbsp;&nbsp; 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,698 | 4669304 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,000 | 4011449 |
| &nbsp;&nbsp;&nbsp; 5.67%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,086 | 3148010 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/19/39, <br> (1-mo. CME Term SOFR + 1.631%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3992274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 08/19/42, <br> (1-mo. CME Term SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,370 | 7284618 |
| FTA Consumo Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 07/20/38, <br> (3-mo. EURIBOR + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR173 | 195140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 07/20/38, <br> (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR173 | 195597 |
| &nbsp;&nbsp;&nbsp; Galaxy 32 CLO Ltd., 8.57%, 10/20/36, <br> (3-mo. CME Term SOFR + 4.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1505325 |
| &nbsp;&nbsp;&nbsp; Galaxy 34 CLO Ltd., 6.17%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1971972 |
| &nbsp;&nbsp;&nbsp; Galaxy XV CLO Ltd., 5.97%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499455 |
| &nbsp;&nbsp;&nbsp; Galaxy XX CLO Ltd., 5.53%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD808 | 807862 |
| &nbsp;&nbsp;&nbsp; Galaxy XXI CLO Ltd., 5.55%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD816 | 816030 |
| &nbsp;&nbsp;&nbsp; Galaxy XXV CLO Ltd., 6.28%, 04/25/36, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248850 |
| Galaxy XXVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/22/31, <br> (3-mo. CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD567 | 566604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 11/22/31, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,480 | 1481587 |
| Galaxy XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 05/16/31, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD362 | 361758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/16/31, <br> (3-mo. CME Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Galaxy XXVIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD457 | $457122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003100 |
| &nbsp;&nbsp;&nbsp; GAMMA Sociedade de Titularizacao de <br> Creditos, 3.42%, 02/25/34, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR900 | 1020685 |
| &nbsp;&nbsp;&nbsp; Generate CLO 17 Ltd., 5.67%, 10/22/37, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999630 |
| &nbsp;&nbsp;&nbsp; Generate CLO 4 Ltd., 5.70%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.430%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,125 | 1125000 |
| &nbsp;&nbsp;&nbsp; Generate CLO 7 Ltd., 5.89%, 04/22/37, <br> (3-mo. CME Term SOFR + 1.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500696 |
| &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, <br> 4.52%, 03/11/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,400 | 2413008 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, 5.83%, <br> 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD188 | 192547 |
| &nbsp;&nbsp;&nbsp; Golden Bar Securitisation SRL, 3.89%, <br> 09/22/43, (3-mo. EURIBOR + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR221 | 251522 |
| Golden Ray SA - Compartment 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/27/57, <br> (1-mo. EURIBOR + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR641 | 726147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/27/57, <br> (1-mo. EURIBOR + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112654 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 10<br> Ltd., 7.37%, 10/20/37, <br> (3-mo. CME Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 723785 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 11<br> Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,640 | 5601449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.17%, 10/20/34, <br> (3-mo. CME Term SOFR + 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,200 | 1132298 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 14<br> Ltd., 10.17%, 07/20/37, <br> (3-mo. CME Term SOFR + 5.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 958910 |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management U.S. CLO 15<br> Ltd., 6.67%, 10/20/36, <br> (3-mo. CME Term SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD340 | 341224 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 16<br> Ltd., 5.39%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.120%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1482354 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 20<br> Ltd., 5.72%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD722 | 722495 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 22<br> Ltd., 6.17%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1972246 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 23<br> Ltd., 5.55%, 01/20/39, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3962474 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 24<br> Ltd., 5.43%, 10/20/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1982500 |
| &nbsp;&nbsp;&nbsp; GoldentTree Loan Management U.S. CLO 1<br> Ltd., 6.67%, 04/20/37, <br> (3-mo. CME Term SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249745 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer <br> Trust, 6.80%, 10/25/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,328 | 1364728 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners 48 LP, 5.59%, 04/17/38, <br> (3-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 496553 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 41B-R Ltd., 5.85%, <br> 01/20/34, <br> (3-mo. CME Term SOFR + 1.582%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,250 | 4250926 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 43B Ltd., 5.61%, <br> 10/20/37, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | $999434 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 55B Ltd., 5.73%, <br> 07/20/34, <br> (3-mo. CME Term SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,250 | 3245730 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 58B Ltd., 5.72%, <br> 01/25/35, <br> (3-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 998761 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 64B Ltd., 7.33%, <br> 10/25/37, <br> (3-mo. CME Term SOFR + 3.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 969286 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 66B Ltd., 9.78%, <br> 04/25/36, <br> (3-mo. CME Term SOFR + 5.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 5039751 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 74 B Ltd., 6.13%, <br> 07/25/37, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD950 | 947720 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 76 B Ltd., 5.65%, <br> 10/25/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 350000 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/38, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2953256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,350 | 1336082 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,994 | 5029542 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,578 | 5623161 |
| &nbsp;&nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, <br> 4.95%, 07/20/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD177 | 161855 |
| &nbsp;&nbsp;&nbsp; Gracie Point International Funding, 7.52%, <br> 09/01/26, (90-day Avg SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,700 | 1693340 |
| Gracie Point International Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%, 03/01/27, <br> (90-day Avg SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD247 | 246244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 09/01/26, <br> (90-day Avg SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,811 | 1808611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 03/01/28, <br> (90-day Avg SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,510 | 4489383 |
| &nbsp;&nbsp;&nbsp; Green Lakes Park CLO LLC, 5.48%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 991632 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,117 | 1122149 |
| &nbsp;&nbsp;&nbsp; 6.43%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,201 | 4251070 |
| &nbsp;&nbsp;&nbsp; 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,801 | 5810020 |
| &nbsp;&nbsp;&nbsp; 5.22%, 03/25/60<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,093 | 1097221 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,981 | 7991730 |
| GreenSky Home Improvement Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,044 | 1060208 |
| &nbsp;&nbsp;&nbsp; 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,143 | 2178535 |
| &nbsp;&nbsp;&nbsp; Greenwood Park CLO Ltd., 5.53%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.272%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD213 | 213266 |
| &nbsp;&nbsp;&nbsp; Greywolf CLO VI Ltd., 5.57%, 04/26/31, <br> (3-mo. CME Term SOFR + 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,375 | 1374952 |
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO 4 Ltd., 5.75%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.482%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD900 | 898992 |
| &nbsp;&nbsp;&nbsp; Henley CLO IV DAC, 5.16%, 04/25/34, <br> (3-mo. EURIBOR + 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1127297 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, 4.96%, 04/25/39, <br> (3-mo. EURIBOR + 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,280 | 2503018 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, 5.88%, 01/15/38, <br> (3-mo. EURIBOR + 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR850 | 949057 |
| Hermitage PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 04/21/33, <br> (1-day SONIA + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP214 | 284299 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 04/21/33, <br> (1-day SONIA + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP641 | $855975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.36%, 04/21/33, <br> (1-day SONIA + 3.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP71 | 94728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81%, 04/21/33, <br> (1-day SONIA + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP71 | 95397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 04/21/33, <br> (1-day SONIA + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP71 | 94722 |
| Hill FL BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 10/18/32, <br> (1-mo. EURIBOR + 0.720%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,400 | 1584563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/18/32, <br> (1-mo. EURIBOR + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113260 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, <br> 5.70%, 10/20/32, <br> (30-day Avg SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,232 | 2228285 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes <br> Series, 5.75%, 05/20/32, <br> (30-day Avg SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD791 | 788777 |
| Incref LLC, 6.06%, 10/19/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8,695 | 8673262 |
| &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., 6.07%, 04/20/35, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 497400 |
| &nbsp;&nbsp;&nbsp; Italian Stella Loans SRL, 3.53%, 05/27/39, <br> (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113403 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO DAC, 5.48%, 01/15/39, <br> (3-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,420 | 1581268 |
| &nbsp;&nbsp;&nbsp; Kings Park CLO Ltd., 5.66%, 01/21/35, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,342 | 1341884 |
| &nbsp;&nbsp;&nbsp; KKR Financial CLO Ltd., 5.71%, 04/15/29, <br> (3-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1998417 |
| &nbsp;&nbsp;&nbsp; Lake George Park CLO Ltd., 8.87%, 04/15/38, <br> (3-mo. CME Term SOFR + 4.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 938654 |
| &nbsp;&nbsp;&nbsp; LCM 29 Ltd., 6.12%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,420 | 1418580 |
| &nbsp;&nbsp;&nbsp; LCM 36 Ltd., 5.33%, 01/15/34, <br> (3-mo. CME Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,250 | 9181832 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD280 | 268313 |
| &nbsp;&nbsp;&nbsp; 3.41%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD710 | 665438 |
| &nbsp;&nbsp;&nbsp; 5.12%, 07/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,908 | 2906478 |
| &nbsp;&nbsp;&nbsp; 5.62%, 07/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 300541 |
| &nbsp;&nbsp;&nbsp; 5.53%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,407 | 6504424 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,957 | 2015289 |
| &nbsp;&nbsp;&nbsp; 7.21%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,241 | 5425964 |
| &nbsp;&nbsp;&nbsp; 3.09%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD945 | 873214 |
| &nbsp;&nbsp;&nbsp; 4.47%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,850 | 1833517 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,153 | 2147290 |
| &nbsp;&nbsp;&nbsp; Liberty Series, 5.19%, 05/25/32, <br> (1-month BB Swap + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD307 | 197018 |
| &nbsp;&nbsp;&nbsp; LoanCore, 5.71%, 08/17/42, <br> (1-mo. CME Term SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,050 | 8946108 |
| &nbsp;&nbsp;&nbsp; Long Point Park CLO Ltd., 6.94%, 01/17/30, <br> (3-mo. CME Term SOFR + 2.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,400 | 2376332 |
| &nbsp;&nbsp;&nbsp; LT Rahoitus DAC, 3.10%, 07/18/36, <br> (1-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 226006 |
| &nbsp;&nbsp;&nbsp; Lyra Music Assets Delaware LP, 5.76%, <br> 12/22/64<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,284 | 2248240 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LIX Ltd., 5.77%, <br> 04/18/37, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXI Ltd., 6.00%, <br> 01/20/37, <br> (3-mo. CME Term SOFR + 1.730%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD255 | 255638 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXXI Ltd., 5.41%, <br> 04/23/38, <br> (3-mo. CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,810 | 4778735 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXVII Ltd., 7.17%, <br> 04/20/38, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | $1715000 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXI Ltd., 6.08%, <br> 07/23/37, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 995200 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., 6.06%, <br> 10/15/32, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD475 | 473243 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIV Ltd., 7.61%, <br> 10/16/37, <br> (3-mo. CME Term SOFR + 3.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1494936 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVI Ltd., 5.32%, <br> 04/15/35, <br> (3-mo. CME Term SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 247877 |
| Madison Park Funding XXXVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.01%, 04/15/37, <br> (3-mo. CME Term SOFR + 3.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.86%, 04/15/37, <br> (3-mo. CME Term SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1503340 |
| &nbsp;&nbsp;&nbsp; Marathon CLO XIII Ltd., 5.46%, 04/15/32, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,370 | 3361904 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XXII Ltd., 5.74%, 07/25/34, <br> (3-mo. CME Term SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 331332 |
| &nbsp;&nbsp;&nbsp; 7.11%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD774 | 788595 |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,997 | 6051811 |
| &nbsp;&nbsp;&nbsp; 7.90%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,395 | 1437092 |
| &nbsp;&nbsp;&nbsp; 8.85%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,725 | 2816946 |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,987 | 1894007 |
| &nbsp;&nbsp;&nbsp; 3.42%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,177 | 1097861 |
| &nbsp;&nbsp;&nbsp; 1.86%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD480 | 461631 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,600 | 1623718 |
| &nbsp;&nbsp;&nbsp; 6.77%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,592 | 1635127 |
| &nbsp;&nbsp;&nbsp; 5.73%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,340 | 2374927 |
| &nbsp;&nbsp;&nbsp; 6.36%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,102 | 2119747 |
| &nbsp;&nbsp;&nbsp; MF1 LLC, 6.06%, 03/19/39, <br> (1-mo. CME Term SOFR + 1.737%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,826 | 5811249 |
| MFA Trust, 6.33%, 09/25/54<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,810 | 1813259 |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., 5.61%, <br> 04/18/36, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2500000 |
| Mila BV |  |  |
| &nbsp;&nbsp;&nbsp; 2.82%, 09/16/41 | &nbsp;&nbsp;&nbsp; EUR405 | 458025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 09/16/41, <br> (1-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112885 |
| &nbsp;&nbsp;&nbsp; Milford Park CLO Ltd., 5.43%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2977500 |
| Milos CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 10/20/30, <br> (3-mo. CME Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/20/30, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD658 | 656890 |
| &nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, 5.10%, <br> 07/13/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,677 | 1714922 |
| Morgan Stanley Eaton Vance CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.77%, 07/20/36, <br> (3-mo. CME Term SOFR + 5.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1006545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1978975 |
| Mosaic Solar Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.64%, 04/22/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD294 | 242111 |
| &nbsp;&nbsp;&nbsp; 4.01%, 06/22/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | 34648 |
| &nbsp;&nbsp;&nbsp; 6.40%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 127620 |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/22/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD124 | 115445 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; MP CLO III Ltd., 5.78%, 10/20/30, <br> (3-mo. CME Term SOFR + 1.512%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | $10526 |
| Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/15/31, <br> (1-mo. CME Term SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD45 | 44733 |
| &nbsp;&nbsp;&nbsp; 3.61%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD324 | 322067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 07/16/40, <br> (1-mo. CME Term SOFR + 1.564%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,521 | 1529346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 11/15/30, <br> (1-mo. CME Term SOFR + 1.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD316 | 316599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 12/15/59, <br> (1-mo. CME Term SOFR + 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,114 | 1113993 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.42%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD41 | 40593 |
| &nbsp;&nbsp;&nbsp; 5.51%, 10/15/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD233 | 238548 |
| &nbsp;&nbsp;&nbsp; 0.97%, 12/16/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8,073 | 7107780 |
| &nbsp;&nbsp;&nbsp; 1.06%, 10/15/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,870 | 3477236 |
| &nbsp;&nbsp;&nbsp; 3.33%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 87896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/68, <br> (1-mo. CME Term SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2013236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 01/15/43, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD788 | 787481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 12/15/59, <br> (1-mo. CME Term SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,690 | 1687877 |
| &nbsp;&nbsp;&nbsp; 0.84%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD297 | 271575 |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,400 | 5510024 |
| &nbsp;&nbsp;&nbsp; 1.33%, 04/15/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD777 | 718951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, 5.44%, 04/15/69, <br> (1-mo. CME Term SOFR + 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,982 | 2965069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, 5.51%, 04/15/60, <br> (PRIME - 1.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD373 | 368875 |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 6.04%, 03/15/72, <br> (30-day Avg SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,007 | 1012479 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 04/20/62, <br> (1-mo. CME Term SOFR + 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,883 | 10771093 |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 261647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.854%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,435 | 3415836 |
| &nbsp;&nbsp;&nbsp; 3.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD664 | 565580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.804%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD255 | 249897 |
| &nbsp;&nbsp;&nbsp; 2.90%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 440710 |
| &nbsp;&nbsp;&nbsp; 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,795 | 1672050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 11/25/53, <br> (30-day Avg SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD328 | 333283 |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,483 | 1299330 |
| &nbsp;&nbsp;&nbsp; 1.63%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,182 | 2056618 |
| &nbsp;&nbsp;&nbsp; 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD991 | 921693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43%, 03/15/57, <br> (30-day Avg SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,186 | 6126684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 5.23%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD463 | 462609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class AFL, 5.21%, <br> 04/20/62, <br> (1-mo. CME Term SOFR + 0.894%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,298 | 1291430 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XV, 5.87%, 10/15/29, <br> (3-mo. CME Term SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248803 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XX Ltd., 5.47%, <br> 04/15/39, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | 1731288 |
| Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 01/20/32, <br> (3-mo. CME Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD225 | 223785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 01/20/32, <br> (3-mo. CME Term SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,986 | 1983184 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 34 Ltd., <br> 5.51%, 01/20/35, <br> (3-mo. CME Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,939 | $3931868 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 40 Ltd., <br> 5.58%, 04/16/33, <br> (3-mo. CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,978 | 3977916 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44 Ltd., <br> 6.91%, 10/16/35, <br> (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD425 | 416312 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers NBLA CLO <br> Ltd., 6.28%, 10/24/38, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2968363 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 1 Ltd., 5.51%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,525 | 2499871 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 2 Ltd., 5.62%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2999495 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 4 Ltd., 6.22%, 04/20/36, <br> (3-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| Newday Funding Master Issuer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%, 07/15/32, <br> (1-day SONIA + 2.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP142 | 190819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 07/15/32, <br> (1-day SONIA + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 07/15/32, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133330 |
| &nbsp;&nbsp;&nbsp; 6.06%, 11/15/32, (1-day SONIA + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP151 | 200435 |
| &nbsp;&nbsp;&nbsp; 5.76%, 11/15/32, (1-day SONIA + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP438 | 583952 |
| &nbsp;&nbsp;&nbsp; 5.36%, 11/15/32, (1-day SONIA + 0.900%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,047 | 1398130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 04/15/33, <br> (1-day SONIA + 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP317 | 423059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 04/15/33, <br> (1-day SONIA + 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP194 | 258838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 04/15/33, <br> (1-day SONIA + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,989 | 2652934 |
| &nbsp;&nbsp;&nbsp; Newday Funding Master Issuer PLC - Series, <br> 5.36%, 07/15/32, <br> (1-day SONIA + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP710 | 949101 |
| Noria DE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 02/25/43, <br> (1-mo. EURIBOR + 0.950%)<br>| &nbsp;&nbsp;&nbsp; EUR400 | 451928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/43, <br> (1-mo. EURIBOR + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 225223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/25/43, <br> (1-mo. EURIBOR + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 02/25/43, <br> (1-mo. EURIBOR + 3.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114013 |
| &nbsp;&nbsp;&nbsp; NYACK Park CLO Ltd., 5.65%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD252 | 252000 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,773 | 1756195 |
| Oak Hill Credit Partners X-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2980500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.77%, 04/20/38, <br> (3-mo. CME Term SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD950 | 932719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.87%, 04/20/38, <br> (3-mo. CME Term SOFR + 3.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1500977 |
| Oaktree CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51%, 04/15/36, <br> (3-mo. CME Term SOFR + 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,775 | 2775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 991073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/35, <br> (3-mo. CME Term SOFR + 0.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2473122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2995392 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd., 5.48%, 01/16/37, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | $1983180 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 04/10/33, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,781 | 4773620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 04/26/31, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD136 | 135893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 498100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,750 | 2745875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD680 | 677620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.37%, 07/20/37, <br> (3-mo. CME Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,260 | 1216358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/26/36, <br> (3-mo. CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,225 | 2222930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.04%, 04/23/37, <br> (3-mo. CME Term SOFR + 6.760%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,200 | 1158452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1999657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 4979000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,750 | 2743261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 10/17/36, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,020 | 1017960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 11/26/37, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2992500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 4994631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 989817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2981821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.11%, 07/16/35, <br> (3-mo. CME Term SOFR + 5.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,240 | 1213178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 01/26/38, <br> (3-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1998437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1239460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/17/37, <br> (3-mo. CME Term SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,250 | 8165560 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 18-R Ltd., 5.48%, <br> 04/16/31, <br> (3-mo. CME Term SOFR + 1.222%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,150 | 1148910 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 35 Ltd., 5.59%, <br> 01/20/31, <br> (3-mo. CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,229 | 1228632 |
| Octagon Investment Partners 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,414 | 1412425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.652%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249650 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVI Ltd., 5.56%, <br> 07/17/30, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,024 | 1023380 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd. Series <br> 2013-1A, Class A1R2, 5.54%, 01/25/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200421 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 10 Ltd., 5.66%, 01/18/36, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD950 | 948268 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 13 Ltd., 5.62%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD751 | 750543 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHA Credit Funding 2 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | $494744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.97%, 01/21/38, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,550 | 1523206 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd., 5.59%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750000 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 5 Ltd., 5.97%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | 1735301 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., 5.60%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 3001134 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., 10.52%, 02/24/37, <br> (3-mo. CME Term SOFR + 6.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD900 | 888824 |
| OHA Credit Funding 9 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 10/19/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 4997577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 10/19/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1984200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 10/19/37, <br> (3-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 989484 |
| OHA Credit Partners XVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD625 | 624627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1487850 |
| OHA Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/23/31, <br> (3-mo. CME Term SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD157 | 156903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 01/19/37, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2496382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 01/19/37, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250207 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 03/14/29, <br> (30-day Avg SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD287 | 288152 |
| &nbsp;&nbsp;&nbsp; 5.81%, 02/14/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD310 | 318389 |
| &nbsp;&nbsp;&nbsp; 6.10%, 07/14/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,651 | 1672042 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.14%, 10/14/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 339353 |
| &nbsp;&nbsp;&nbsp; 2.47%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 451201 |
| &nbsp;&nbsp;&nbsp; 4.89%, 10/14/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,064 | 1063234 |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 484954 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,310 | 2373112 |
| &nbsp;&nbsp;&nbsp; 1.95%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 185729 |
| &nbsp;&nbsp;&nbsp; 2.21%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD392 | 371323 |
| &nbsp;&nbsp;&nbsp; 7.52%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD595 | 617098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 09/15/36, <br> (30-day Avg SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,250 | 4269370 |
| &nbsp;&nbsp;&nbsp; 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD323 | 333588 |
| &nbsp;&nbsp;&nbsp; 7.49%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD595 | 622787 |
| &nbsp;&nbsp;&nbsp; 2.76%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD575 | 545897 |
| &nbsp;&nbsp;&nbsp; 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,710 | 3826200 |
| Orchard Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.87%, 10/20/37, <br> (3-mo. CME Term SOFR + 5.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 968108 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO V Ltd., 6.05%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.780%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1500980 |
| &nbsp;&nbsp;&nbsp; OZLM Funding II Ltd., 6.08%, 07/30/31, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2999430 |
| &nbsp;&nbsp;&nbsp; OZLM VI Ltd., 5.41%, 04/17/31, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,037 | 1035639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OZLM XVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,489 | $1489275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501900 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 11/14/34, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,717 | 4711104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 01/15/35, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,940 | 6869908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4460850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.57%, 10/15/34, <br> (3-mo. CME Term SOFR + 6.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD955 | 939305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.67%, 01/15/35, <br> (3-mo. CME Term SOFR + 6.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD275 | 272304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81%, 04/20/38, <br> (3-mo. CME Term SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 707894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 04/20/38, <br> (3-mo. CME Term SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 984014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2971509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, 5.67%, 01/15/35, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000276 |
| &nbsp;&nbsp;&nbsp; Palmer Square European CLO DAC, 6.28%, <br> 01/15/38, (3-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR372 | 421991 |
| Palmer Square European Loan Funding DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/15/34, <br> (3-mo. EURIBOR + 3.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR730 | 813925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 05/15/34, <br> (3-mo. EURIBOR + 3.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR850 | 944778 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 04/15/30, <br> (3-mo. CME Term SOFR + 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | 41046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD270 | 270401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD106 | 105697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/08/32, <br> (3-mo. CME Term SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,258 | 4240206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 08/08/32, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 995098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/08/32, <br> (3-mo. CME Term SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1991200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,050 | 4057695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.16%, 10/15/32, <br> (3-mo. CME Term SOFR + 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD945 | 930190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.96%, 01/15/33, <br> (3-mo. CME Term SOFR + 4.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 729785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,150 | 1149887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 02/15/33, <br> (3-mo. CME Term SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 967525 |
| Panorama Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.08%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; AUD3,286 | 2091693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 03/15/33, <br> (1-month BB Swap + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD576 | 365533 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Park Blue CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/25/37, <br> (3-mo. CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,725 | $2725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 04/25/38, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2958050 |
| PCL Funding IX PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 07/16/29, <br> (1-day SONIA + 0.900%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,142 | 1520320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/16/29, <br> (1-day SONIA + 1.300%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133105 |
| &nbsp;&nbsp;&nbsp; Peace Park CLO Ltd. Series 2021 1A, Class A, <br> 5.66%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,237 | 1238239 |
| &nbsp;&nbsp;&nbsp; Penta CLO 17 DAC, 5.81%, 08/15/38, <br> (3-mo. EURIBOR + 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR685 | 756462 |
| &nbsp;&nbsp;&nbsp; PFP Ltd., 6.13%, 09/17/39, <br> (1-mo. CME Term SOFR + 1.832%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,951 | 1953890 |
| PFS Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,172 | 1171248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/15/28, <br> (30-day Avg SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,440 | 2446025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 04/15/28, <br> (30-day Avg SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | 1751528 |
| &nbsp;&nbsp;&nbsp; 5.14%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8,050 | 8123880 |
| &nbsp;&nbsp;&nbsp; Point Au Roche Park CLO Ltd., 5.61%, <br> 07/20/34, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD700 | 699695 |
| Pony SA Compartment German Auto Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/14/33, <br> (1-mo. EURIBOR + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 01/14/33, <br> (1-mo. EURIBOR + 0.520%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,116 | 1261873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/14/33, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113477 |
| &nbsp;&nbsp;&nbsp; Post CLO Ltd., 6.17%, 04/20/35, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,805 | 1802112 |
| &nbsp;&nbsp;&nbsp; Post CLO VI Ltd., 5.88%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | 1748646 |
| PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,226 | 2228107 |
| &nbsp;&nbsp;&nbsp; 5.96%, 09/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,820 | 4798792 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust, 3.40%, <br> 04/17/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,089 | 1962663 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, 5.48%, 10/15/38, <br> (3-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR910 | 1007425 |
| &nbsp;&nbsp;&nbsp; Providus Clo VI DAC, 5.72%, 05/20/34, <br> (3-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1113196 |
| Quarzo Srl, 1.00%, 03/15/42<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,067 | 1208752 |
| Quarzo SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/41, <br> (3-mo. EURIBOR + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR274 | 310897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/15/41, <br> (3-mo. EURIBOR + 0.790%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,036 | 1173627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/41, <br> (3-mo. EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR91 | 104193 |
| &nbsp;&nbsp;&nbsp; Race Point IX CLO Ltd., 5.46%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.202%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD192 | 191450 |
| Rad CLO 10 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 04/23/34, <br> (3-mo. CME Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 04/23/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,510 | 3508401 |
| &nbsp;&nbsp;&nbsp; Rad CLO 18 Ltd., 6.21%, 04/15/36, <br> (3-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; RAD CLO 21 Ltd., 6.08%, 01/25/37, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,120 | $3067121 |
| &nbsp;&nbsp;&nbsp; Rad CLO 22 Ltd., 6.10%, 01/20/37, <br> (3-mo. CME Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,890 | 1892830 |
| &nbsp;&nbsp;&nbsp; Rad CLO 24 Ltd., 6.27%, 07/20/37, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001800 |
| &nbsp;&nbsp;&nbsp; Rad CLO 25 Ltd., 5.73%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2001726 |
| &nbsp;&nbsp;&nbsp; RAD CLO 27 Ltd., 5.61%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999161 |
| &nbsp;&nbsp;&nbsp; RAD CLO 28 Ltd., 7.06%, 04/20/38, <br> (3-mo. CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 739076 |
| &nbsp;&nbsp;&nbsp; Rad CLO 4 Ltd., 5.51%, 04/25/32, <br> (3-mo. CME Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD796 | 794430 |
| &nbsp;&nbsp;&nbsp; Rad CLO 5 Ltd., 5.66%, 07/24/32, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,526 | 1525820 |
| &nbsp;&nbsp;&nbsp; Rad CLO 6 Ltd., 5.66%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 3000000 |
| &nbsp;&nbsp;&nbsp; Rad CLO 7 Ltd., 5.63%, 04/17/36, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1500000 |
| &nbsp;&nbsp;&nbsp; Recette CLO Ltd., 5.61%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,280 | 2275440 |
| Red & Black Auto Italy SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 07/28/36, <br> (1-mo. EURIBOR + 0.810%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR950 | 1076397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/28/36, <br> (1-mo. EURIBOR + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113523 |
| &nbsp;&nbsp;&nbsp; Regatta 30 Funding Ltd., 5.63%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2990121 |
| Regatta 31 Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/25/38, <br> (3-mo. CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,590 | 2577050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 03/25/38, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,075 | 1064787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.03%, 03/25/38, <br> (3-mo. CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1968744 |
| &nbsp;&nbsp;&nbsp; Regatta VI Funding Ltd., 5.69%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Regatta XII Funding Ltd., 5.65%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,540 | 3540000 |
| &nbsp;&nbsp;&nbsp; Regatta XIV Funding Ltd., 5.38%, 10/25/31, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD266 | 265042 |
| Regatta XVIII Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,855 | 2825878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2487500 |
| &nbsp;&nbsp;&nbsp; Regatta XXIV Funding Ltd., 5.59%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2994802 |
| &nbsp;&nbsp;&nbsp; Regatta XXVIII Funding Ltd., 5.83%, 04/25/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750801 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.07%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD848 | 839707 |
| &nbsp;&nbsp;&nbsp; 1.68%, 03/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD788 | 783233 |
| &nbsp;&nbsp;&nbsp; 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,477 | 4240789 |
| &nbsp;&nbsp;&nbsp; 2.42%, 03/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 394893 |
| &nbsp;&nbsp;&nbsp; 2.35%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,710 | 1573291 |
| &nbsp;&nbsp;&nbsp; 3.71%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,080 | 1056827 |
| &nbsp;&nbsp;&nbsp; 5.83%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,371 | 1404704 |
| &nbsp;&nbsp;&nbsp; 7.46%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,844 | 3967864 |
| &nbsp;&nbsp;&nbsp; 5.49%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,033 | 1042223 |
| &nbsp;&nbsp;&nbsp; 5.74%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,736 | 3760414 |
| &nbsp;&nbsp;&nbsp; 6.33%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD750 | 743085 |
| &nbsp;&nbsp;&nbsp; 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,797 | 2824599 |
| Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,259 | 5210076 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; 3.53%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,550 | $5363009 |
| &nbsp;&nbsp;&nbsp; 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,124 | 4190017 |
| &nbsp;&nbsp;&nbsp; 6.47%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,801 | 1843777 |
| &nbsp;&nbsp;&nbsp; 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,613 | 7704788 |
| &nbsp;&nbsp;&nbsp; 5.86%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,630 | 3671467 |
| &nbsp;&nbsp;&nbsp; 7.28%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,665 | 1704504 |
| Rockford Tower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 10/20/30, <br> (3-mo. CME Term SOFR + 1.452%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD487 | 486666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | 549076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 10/20/31, <br> (3-mo. CME Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD137 | 137175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 10/15/29, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | 39554 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, 5.21%, <br> 10/25/27, (3-mo. EURIBOR + 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,980 | 2201817 |
| &nbsp;&nbsp;&nbsp; Rockland Park CLO Ltd., 10.78%, 04/20/34, <br> (3-mo. CME Term SOFR + 6.512%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 972506 |
| &nbsp;&nbsp;&nbsp; RR 16 Ltd., 5.63%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249375 |
| &nbsp;&nbsp;&nbsp; RR 18 Ltd., 6.12%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2500500 |
| RR 19 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 04/15/40, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,630 | 1615702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 04/15/40, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 741150 |
| RR 20 Ltd., 5.25%, 07/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,000 | 1978132 |
| &nbsp;&nbsp;&nbsp; RR 26 Ltd., 5.38%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.120%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2974812 |
| &nbsp;&nbsp;&nbsp; RR 32 Ltd., 5.62%, 10/15/39, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249908 |
| &nbsp;&nbsp;&nbsp; RR 37 Ltd., 5.49%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2973261 |
| RR 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 04/15/40, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,125 | 1112973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 04/15/40, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 741675 |
| &nbsp;&nbsp;&nbsp; RR 8 Ltd., 5.61%, 07/15/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,045 | 2040653 |
| &nbsp;&nbsp;&nbsp; RR15 Ltd., 5.97%, 04/15/36, <br> (3-mo. CME Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 298110 |
| &nbsp;&nbsp;&nbsp; Sandstone Peak II Ltd., 6.47%, 07/20/36, <br> (3-mo. CME Term SOFR + 2.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000248 |
| &nbsp;&nbsp;&nbsp; Sandstone Peak Ltd., 6.09%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1995000 |
| SC Germany SA Compartment Consumer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/14/38, <br> (1-mo. EURIBOR + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/14/38, <br> (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113285 |
| &nbsp;&nbsp;&nbsp; 3.05%, 05/14/38<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1135446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/14/38, <br> (1-mo. EURIBOR + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR600 | 681747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/14/38, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/14/38, <br> (1-mo. EURIBOR + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/14/38, <br> (1-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR400 | 453140 |
| SCF Rahoituspalvelut XIII DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/25/34, <br> (1-mo. EURIBOR + 0.580%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR436 | 494012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/25/34, <br> (1-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | $112804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 06/25/34, <br> (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112952 |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.67%, 02/02/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 30644 |
| &nbsp;&nbsp;&nbsp; 6.39%, 11/20/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD979 | 997632 |
| Shackleton CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 07/15/30, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD32 | 32280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/13/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD543 | 542806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 08/15/30, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250078 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 11 Ltd., 5.72%, 07/18/37, <br> (3-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999500 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 14 Ltd., 5.59%, 01/22/38, <br> (3-mo. CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1982888 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 7 Ltd., 5.69%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 8 Ltd., 5.66%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,300 | 3300000 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 4 Ltd., 5.89%, 04/15/37, <br> (3-mo. CME Term SOFR + 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2002895 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 7 Ltd., 5.64%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,170 | 3169083 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 8 Ltd., 5.43%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2981205 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIII Ltd., 5.49%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 988362 |
| Sixth Street CLO XIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,735 | 3687565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,700 | 2672242 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd., 6.23%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 498500 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., 6.18%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249700 |
| SLM Private Credit Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/16/41, <br> (3-mo. CME Term SOFR + 0.502%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD369 | 359509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 09/15/33, <br> (3-mo. CME Term SOFR + 0.692%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD228 | 224979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A, Class A3, 4.96%, 06/15/33, <br> (3-mo. CME Term SOFR + 0.662%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD283 | 281829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A4, 4.87%, 12/15/38, <br> (3-mo. CME Term SOFR + 0.572%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,355 | 1329507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A, Class A5, 4.85%, 06/15/39, <br> (3-mo. CME Term SOFR + 0.552%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD79 | 77073 |
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 9.19%, <br> 10/15/41, <br> (1-mo. CME Term SOFR + 4.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,542 | 2669338 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.44%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 103698 |
| &nbsp;&nbsp;&nbsp; 2.76%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,016 | 911803 |
| &nbsp;&nbsp;&nbsp; 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,855 | 3724174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/15/53, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,668 | 1648871 |
| &nbsp;&nbsp;&nbsp; 2.30%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,407 | 1362800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 02/16/55, <br> (30-day Avg SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,323 | 1331500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 06/15/37, <br> (1-mo. CME Term SOFR + 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD539 | 539614 |
| &nbsp;&nbsp;&nbsp; 4.48%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD875 | 867152 |
| &nbsp;&nbsp;&nbsp; 1.59%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,670 | 5161212 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/56, <br> (30-day Avg SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,683 | $2728527 |
| &nbsp;&nbsp;&nbsp; 2.84%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD189 | 184820 |
| &nbsp;&nbsp;&nbsp; 1.34%, 03/17/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 118510 |
| &nbsp;&nbsp;&nbsp; 2.23%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 109717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 10/15/35, <br> (1-mo. CME Term SOFR + 0.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 86139 |
| &nbsp;&nbsp;&nbsp; 5.67%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,009 | 2056241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/52, <br> (30-day Avg SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,593 | 4638608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 09/15/37, <br> (1-mo. CME Term SOFR + 0.945%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,151 | 1149559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 01/15/37, <br> (1-mo. CME Term SOFR + 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD156 | 155172 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 25894 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/17/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/15/53, <br> (1-mo. CME Term SOFR + 0.844%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,099 | 2081112 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | 27907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 07/15/36, <br> (1-mo. CME Term SOFR + 0.984%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD810 | 809498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 09/15/54, <br> (1-mo. CME Term SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD567 | 564657 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD380 | 337058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 01/15/53, <br> (30-day Avg SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,630 | 1641100 |
| &nbsp;&nbsp;&nbsp; 1.07%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,180 | 1060482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 07/15/53, <br> (1-mo. CME Term SOFR + 1.214%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD189 | 189370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/15/56, <br> (30-day Avg SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,433 | 9462136 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD669 | 686286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 09/15/54, <br> (1-mo. CME Term SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,464 | 3446165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD156 | 155704 |
| &nbsp;&nbsp;&nbsp; 6.15%, 10/15/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,571 | 1626146 |
| &nbsp;&nbsp;&nbsp; 5.24%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,093 | 2116090 |
| &nbsp;&nbsp;&nbsp; 1.39%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD243 | 222324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/17/52, <br> (30-day Avg SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,766 | 1753030 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/16/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD482 | 441222 |
| &nbsp;&nbsp;&nbsp; 5.09%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,072 | 4908902 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,600 | 3292094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/53, <br> (30-day Avg SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD453 | 448705 |
| &nbsp;&nbsp;&nbsp; 3.56%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9,155 | 8761957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, 5.34%, 09/15/34, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | 18276 |
| SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10,414 | 10424751 |
| &nbsp;&nbsp;&nbsp; 5.12%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,480 | 1485829 |
| SoFi Personal Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/12/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 50432 |
| &nbsp;&nbsp;&nbsp; 6.06%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD699 | 703428 |
| &nbsp;&nbsp;&nbsp; Sofi Professional Loan Program LLC, 3.09%, <br> 08/17/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD954 | 933392 |
| SoFi Professional Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.59%, 01/25/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24571 |
| &nbsp;&nbsp;&nbsp; 3.12%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD365 | 311493 |
| &nbsp;&nbsp;&nbsp; 3.61%, 09/25/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,663 | 1598912 |
| &nbsp;&nbsp;&nbsp; 3.36%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD537 | 452639 |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,952 | 1828535 |
| &nbsp;&nbsp;&nbsp; 1.14%, 02/15/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,725 | 1509172 |
| SoFi Professional Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.17%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,556 | 1466510 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; 2.73%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,350 | $1122474 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, 5.49%, 04/20/37, <br> (3-mo. EURIBOR + 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,800 | 1985768 |
| Sound Point CLO V-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 07/18/31, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD511 | 510919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 07/18/31, <br> (3-mo. CME Term SOFR + 2.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001500 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO XXXII Ltd., 5.69%, 10/25/34, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2994832 |
| &nbsp;&nbsp;&nbsp; Sounds Point CLO IV-R Ltd., 5.68%, 04/18/31, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,188 | 1188100 |
| &nbsp;&nbsp;&nbsp; Southwick Park CLO LLC, 5.59%, 07/20/32, <br> (3-mo. CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD956 | 955749 |
| &nbsp;&nbsp;&nbsp; STAR Trust, 6.77%, 02/17/42, <br> (1-mo. CME Term SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,667 | 1684493 |
| Subway Funding LLC, 6.03%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,106 | 1119036 |
| Sycamore Tree CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 04/20/36, <br> (3-mo. CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 998039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1001546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 04/20/37, <br> (3-mo. CME Term SOFR + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 984723 |
| Symphony CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.18%, 04/24/36, <br> (3-mo. CME Term SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.28%, 04/24/36, <br> (3-mo. CME Term SOFR + 6.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,260 | 1260000 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 39 Ltd., 5.61%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,560 | 1559167 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 44 Ltd., 10.39%, 07/14/37, <br> (3-mo. CME Term SOFR + 6.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999896 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 6.53%, 04/24/36, <br> (3-mo. CME Term SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XIX Ltd., 5.48%, 04/16/31, <br> (3-mo. CME Term SOFR + 1.222%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD893 | 893159 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XVI Ltd., 5.46%, 10/15/31, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,125 | 3121502 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd., 5.81%, 01/16/32, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 993100 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXVI Ltd., 5.61%, 04/20/33, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,651 | 1649621 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXXIII Ltd., 5.54%, 01/24/38, <br> (3-mo. CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 998305 |
| &nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/27/42, <br> (1-mo. EURIBOR + 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/27/42, <br> (1-mo. EURIBOR + 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/27/42, <br> (1-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114135 |
| TCI-Flatiron CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/17/32, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD275 | 274327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 11/17/30, <br> (3-mo. CME Term SOFR + 1.222%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD219 | 219182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 11/17/30, <br> (3-mo. CME Term SOFR + 1.822%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2502250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/17/30, <br> (3-mo. CME Term SOFR + 3.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1252561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.28%, 01/17/32, <br> (3-mo. CME Term SOFR + 3.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250537 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| TCI-Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 10/13/32, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,728 | $1724344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/30, <br> (3-mo. CME Term SOFR + 1.192%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD384 | 383760 |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., 5.59%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 747000 |
| Texas Debt Capital CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.27%, 04/22/37, <br> (3-mo. CME Term SOFR + 6.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1976422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.37%, 04/20/36, <br> (3-mo. CME Term SOFR + 5.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,000 | 10063505 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, 5.85%, <br> 07/16/38, (3-mo. EURIBOR + 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR828 | 939221 |
| &nbsp;&nbsp;&nbsp; Thayer Park CLO Ltd., 5.57%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999521 |
| &nbsp;&nbsp;&nbsp; TIAA CLO IV Ltd., 6.02%, 01/20/32, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,240 | 1240037 |
| &nbsp;&nbsp;&nbsp; TICP CLO VI Ltd., 5.64%, 01/15/34, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249348 |
| &nbsp;&nbsp;&nbsp; TICP CLO VII Ltd., 6.16%, 04/15/33, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 997200 |
| &nbsp;&nbsp;&nbsp; TICP CLO XII Ltd., 5.69%, 07/15/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO VI DAC, 5.88%, 01/15/35, <br> (3-mo. EURIBOR + 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1117996 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, 5.49%, 10/20/38, <br> (3-mo. EURIBOR + 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,300 | 1450067 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 5.80%, <br> 01/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,824 | 5872653 |
| &nbsp;&nbsp;&nbsp; Trestles CLO II Ltd., 5.85%, 07/25/37, <br> (3-mo. CME Term SOFR + 1.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750911 |
| &nbsp;&nbsp;&nbsp; Trestles CLO III Ltd., 10.37%, 10/20/37, <br> (3-mo. CME Term SOFR + 6.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 995410 |
| &nbsp;&nbsp;&nbsp; Trestles CLO IV Ltd., 5.70%, 07/21/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,580 | 2575717 |
| &nbsp;&nbsp;&nbsp; Trestles CLO VII Ltd., 5.66%, 10/25/37, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999940 |
| TREVA Equipment Finance SA - Compartment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/20/35, <br> (1-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR117 | 132870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/20/35, <br> (1-mo. EURIBOR + 0.640%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR587 | 664213 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/17/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,818 | 1804336 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/17/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,376 | 1361670 |
| &nbsp;&nbsp;&nbsp; Trimaran Cavu Ltd., 7.79%, 10/25/34, <br> (3-mo. CME Term SOFR + 3.512%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1485428 |
| Trimaran CAVU Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 10/22/37, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,100 | 2074821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.51%, 01/25/38, <br> (3-mo. CME Term SOFR + 6.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1980558 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO VI Ltd., 5.61%, 01/25/34, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD255 | 255000 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO VII Ltd., 5.34%, 01/25/35, <br> (3-mo. CME Term SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 4960384 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XIV Ltd., 5.62%, 01/25/34, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,405 | 2404760 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XVI Ltd., 5.71%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,750 | 2750000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XVIII Ltd., 5.70%, 01/20/35, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | $999279 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXV Ltd., 6.13%, 01/23/37, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD550 | 551338 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXX Ltd., 11.18%, 10/23/37, <br> (3-mo. CME Term SOFR + 6.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1474548 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXXI Ltd., 5.62%, 01/22/38, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD270 | 268766 |
| &nbsp;&nbsp;&nbsp; Valley Stream Park CLO Ltd., 6.12%, 01/20/37, <br> (3-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,840 | 5781605 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Jersey Borrower Spv <br> Ltd., 6.17%, 05/28/39<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP480 | 653097 |
| Verizon Master Trust, 4.83%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD345 | 351336 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, 6.23%, 01/15/38, <br> (3-mo. EURIBOR + 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,250 | 1400996 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust, 6.68%, <br> 05/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,895 | 1918304 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 10/17/32, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 04/17/30, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 10/20/36, <br> (3-mo. CME Term SOFR + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 400987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 07/15/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 106763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 10/15/31, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,558 | 3550660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 07/20/32, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,614 | 3604807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 10/20/31, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,771 | 1771407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 10/18/31, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,201 | 1200512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 04/18/31, <br> (3-mo. CME Term SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,568 | 1568322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 04/19/31, <br> (3-mo. CME Term SOFR + 1.562%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,050 | 1047270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 04/25/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD351 | 351185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 04/19/31, <br> (3-mo. CME Term SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD389 | 388651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 999328 |
| &nbsp;&nbsp;&nbsp; Voya Euro CLO IV DAC, 5.38%, 10/15/34, <br> (3-mo. EURIBOR + 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR500 | 557256 |
| &nbsp;&nbsp;&nbsp; Voya Ltd. Series 2012-4, , 5.52%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 57828 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO 1 Ltd., 6.37%, 10/20/36, <br> (3-mo. CME Term SOFR + 2.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2006058 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO 5 Ltd., 5.68%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499779 |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO 4 Ltd., 5.43%, <br> 04/18/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,500 | 3452630 |
| Whitebox CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/24/36, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,835 | 5820412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.53%, 07/24/36, <br> (3-mo. CME Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,960 | 1962044 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Whitebox CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/24/37, <br> (3-mo. CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | $1752291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 10/24/37, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 245850 |
| Whitebox CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 10/15/35, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,550 | 5538900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%, 10/15/35, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 738560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.91%, 10/15/35, <br> (3-mo. CME Term SOFR + 5.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1454973 |
| Wildwood Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2999108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.02%, 10/20/37, <br> (3-mo. CME Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 972832 |
| &nbsp;&nbsp;&nbsp; Wind River CLO Ltd., 5.58%, 07/18/31, <br> (3-mo. CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | 36344 |
| **Total Asset-Backed Securities — 16.4%** <br>**(Cost: $1,429,342,570)** | **Total Asset-Backed Securities — 16.4%** <br>**(Cost: $1,429,342,570)** | 1430739421 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Domi BV, 3.01%, 04/16/57, <br> (3-mo. EURIBOR + 0.710%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,652 | 1873217 |
| &nbsp;&nbsp;&nbsp; Edenbrook Mortgage Funding PLC, 5.34%, <br> 03/22/57, (1-day SONIA + 0.870%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP561 | 746327 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.72%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,472 | 7527548 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,756 | 6809859 |
| London Wall Mortgage Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 05/15/57, <br> (1-day SONIA + 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP397 | 526231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 05/15/57, <br> (1-day SONIA + 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP295 | 391279 |
| RCKT Mortgage Trust, 6.59%, 05/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,609 | 1632934 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,374 | 4365993 |
| &nbsp;&nbsp;&nbsp; 5.17%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,000 | 2982003 |
| &nbsp;&nbsp;&nbsp; Tower Bridge Funding PLC, 5.57%, 12/20/66, <br> (1-day SONIA + 1.100%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP333 | 442792 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series, 5.25%, <br> 10/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,171 | 7135105 |
|  |  | 34433288 |
| **Mortgage Securities — 0.5%** | **Mortgage Securities — 0.5%** | **Mortgage Securities — 0.5%** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage <br> Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/25/55 | &nbsp;&nbsp;&nbsp; USD17,410 | 17562710 |
| &nbsp;&nbsp;&nbsp; 5.64%, 06/25/54 | &nbsp;&nbsp;&nbsp; USD25,660 | 25956660 |
|  |  | 43519370 |
| **Mortgage-Backed Securities — 21.6%** | **Mortgage-Backed Securities — 21.6%** | **Mortgage-Backed Securities — 21.6%** |
| 2023-MIC Trust (The), 8.73%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,040 | 6566624 |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 08/25/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,620 | 1624295 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,440 | 6474701 |
| &nbsp;&nbsp;&nbsp; 6.20%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD744 | 748863 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,786 | 6794381 |
| ADMT, 5.67%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,712 | 9763094 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.99%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,927 | 3396173 |
| &nbsp;&nbsp;&nbsp; 1.19%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD249 | 216194 |
| &nbsp;&nbsp;&nbsp; 1.31%, 07/25/66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,489 | 1285685 |
| &nbsp;&nbsp;&nbsp; 1.45%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,483 | 1295978 |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/25/66<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,589 | 1467731 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 3.35%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD194 | $183976 |
| &nbsp;&nbsp;&nbsp; 3.86%, 01/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD86 | 83237 |
| &nbsp;&nbsp;&nbsp; 3.86%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,440 | 1336414 |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,016 | 6416550 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,646 | 4596804 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/26/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,635 | 2627998 |
| &nbsp;&nbsp;&nbsp; 5.14%, 09/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD7,327 | 7286353 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,218 | 1213965 |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD7,380 | 7363115 |
| &nbsp;&nbsp;&nbsp; 5.46%, 12/26/69<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,553 | 5551996 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD11,847 | 11846646 |
| &nbsp;&nbsp;&nbsp; 5.64%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,333 | 4345047 |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD13,881 | 13916308 |
| &nbsp;&nbsp;&nbsp; 5.69%, 01/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,787 | 3801054 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,275 | 3287289 |
| &nbsp;&nbsp;&nbsp; 5.99%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,594 | 1602993 |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,903 | 1920639 |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD214 | 215442 |
| AOMT, 4.65%, 11/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD939 | 926571 |
| &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, <br> 1.75%, 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD190 | 145429 |
| ARES Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 07/15/41, <br> (1-mo. CME Term SOFR + 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,030 | 8030000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.26%, 07/15/41, <br> (1-mo. CME Term SOFR + 3.938%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1489776 |
| &nbsp;&nbsp;&nbsp; ARES1, 5.76%, 10/15/34, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,970 | 11962519 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.81%, 01/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD553 | 539679 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/25/57<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD719 | 715067 |
| ARZ Trust, 5.77%, 06/11/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,430 | 2490701 |
| Atlas Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.31%, 09/20/61<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP594 | 791225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 09/20/61, <br> (1-day SONIA + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP101 | 133698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 09/20/61, <br> (1-day SONIA + 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 131718 |
| ATLX Trust, 3.85%, 04/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,605 | 6362534 |
| Atrium Hotel Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,900 | 7938667 |
| &nbsp;&nbsp;&nbsp; 9.52%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,855 | 4876104 |
| BAHA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.17%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,840 | 10158202 |
| &nbsp;&nbsp;&nbsp; 7.07%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,160 | 2207765 |
| &nbsp;&nbsp;&nbsp; 7.77%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,225 | 8429270 |
| &nbsp;&nbsp;&nbsp; BAMLL Trust, 6.67%, 08/15/39, <br> (1-mo. CME Term SOFR + 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,800 | 1800573 |
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial <br> Mortgage Trust, 3.75%, 02/15/50<br>| &nbsp;&nbsp;&nbsp; USD420 | 408866 |
| Bank5 Trust, 6.23%, 05/15/57 | &nbsp;&nbsp;&nbsp; USD2,189 | 2307925 |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, 5.90%, <br> 01/25/64<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,106 | 3120047 |
| &nbsp;&nbsp;&nbsp; BAY Mortgage Trust, 6.00%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,140 | 7140000 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 05/15/58 | &nbsp;&nbsp;&nbsp; USD6,649 | 6905871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 5.24%, <br> 03/15/37, <br> (1-mo. CME Term SOFR + 0.919%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3765013 |
| Benchmark Mortgage Trust, 1.05%, 07/15/56<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,998 | 71803 |
| &nbsp;&nbsp;&nbsp; BFLD Commercial Mortgage Trust, 5.81%, <br> 11/15/41, <br> (1-mo. CME Term SOFR + 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,340 | 5338331 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BFLD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 06/15/38, <br> (1-mo. CME Term SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,017 | $3013229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%, 07/15/41, <br> (1-mo. CME Term SOFR + 1.890%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,300 | 6292125 |
| BHMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 07/15/35, <br> (1-mo. CME Term SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,945 | 5941210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/15/35, <br> (1-mo. CME Term SOFR + 1.797%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD235 | 234282 |
| &nbsp;&nbsp;&nbsp; BINOM Securitization Trust, 2.03%, <br> 06/25/56<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,460 | 1316618 |
| BLP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 03/15/41, <br> (1-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,754 | 4741741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 03/15/40, <br> (1-mo. CME Term SOFR + 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,160 | 1148769 |
| &nbsp;&nbsp;&nbsp; BMP, 7.71%, 06/15/41, <br> (1-mo. CME Term SOFR + 3.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,380 | 2351638 |
| &nbsp;&nbsp;&nbsp; BMP Trust, 5.69%, 06/15/41, <br> (1-mo. CME Term SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,555 | 6550903 |
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 6.24%, <br> 08/15/41, <br> (1-mo. CME Term SOFR + 1.921%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,000 | 5988750 |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust, 7.23%, <br> 11/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,050 | 4066516 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,250 | 1309680 |
| BPR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 09/15/38, <br> (1-mo. CME Term SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,823 | 5789674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 08/15/39, <br> (1-mo. CME Term SOFR + 3.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,000 | 2998946 |
| Braccan Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.32%, 02/15/67 | &nbsp;&nbsp;&nbsp; GBP1,152 | 1533208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 01/15/67, <br> (1-day SONIA + 1.200%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP405 | 535202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82%, 01/15/67, <br> (1-day SONIA + 4.340%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP638 | 848815 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/01/53<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD10,258 | 10110918 |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,389 | 1364606 |
| &nbsp;&nbsp;&nbsp; 5.11%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,642 | 1633110 |
| &nbsp;&nbsp;&nbsp; 5.57%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,355 | 1358873 |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD926 | 905643 |
| &nbsp;&nbsp;&nbsp; 5.61%, 05/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD10,860 | 10859966 |
| &nbsp;&nbsp;&nbsp; 5.68%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,148 | 3160559 |
| &nbsp;&nbsp;&nbsp; 5.76%, 01/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,385 | 2388399 |
| &nbsp;&nbsp;&nbsp; 6.19%, 03/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,204 | 1213375 |
| BWAY Trust, 6.31%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,867 | 5998582 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 05/15/38, <br> (1-mo. CME Term SOFR + 0.767%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,087 | 1083114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 06/15/38, <br> (1-mo. CME Term SOFR + 0.784%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,710 | 1702693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/15/39, <br> (1-mo. CME Term SOFR + 1.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,084 | 1082192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,738 | 2727857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 03/15/41, <br> (1-mo. CME Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,837 | 5829451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 02/15/39, <br> (1-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,444 | 5437419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 02/15/39, <br> (1-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,239 | 8236580 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 04/15/40, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,218 | $6199937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,043 | 6042835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 05/15/34, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,927 | 5923268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,750 | 5748203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,922 | 2896350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 05/15/41, <br> (1-mo. CME Term SOFR + 1.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,632 | 6628052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 08/15/39, <br> (1-mo. CME Term SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,421 | 11420515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 12/09/40, <br> (1-mo. CME Term SOFR + 1.761%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,774 | 8779456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.892%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD844 | 835503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 03/15/41, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,999 | 3946762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 10/15/41, <br> (1-mo. CME Term SOFR + 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,465 | 6432633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 06/15/27, <br> (1-mo. CME Term SOFR + 3.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,900 | 2905438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 02/15/39, <br> (1-mo. CME Term SOFR + 3.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD778 | 776879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.06%, 02/15/39, <br> (1-mo. CME Term SOFR + 3.738%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,328 | 1321808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 06/15/27, <br> (1-mo. CME Term SOFR + 3.889%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD600 | 601313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.29%, 10/15/41, <br> (1-mo. CME Term SOFR + 5.971%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,215 | 2170643 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/15/34, <br> (1-mo. CME Term SOFR + 0.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,642 | 2637258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/15/39, <br> (1-mo. CME Term SOFR + 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,850 | 4825750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,300 | 4262375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,194 | 1183674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 01/15/39, <br> (1-mo. CME Term SOFR + 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,385 | 5358075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.097%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,435 | 1430398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/15/34, <br> (1-mo. CME Term SOFR + 1.314%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD105 | 104475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 04/15/41, <br> (1-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,434 | 4430738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 03/15/42, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,242 | 8159580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 02/15/36, <br> (1-mo. CME Term SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 07/15/29, <br> (1-mo. CME Term SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,476 | 8412408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 04/15/37, <br> (1-mo. CME Term SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,357 | 2355787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.517%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,540 | 1531244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/15/37, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,754 | 7732038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/15/39, <br> (1-mo. CME Term SOFR + 1.580%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD60 | 59325 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 03/15/41, <br> (1-mo. CME Term SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,460 | $2466525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 05/15/38, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,859 | 5873647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 04/15/41, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,505 | 1493319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26%, 03/15/30, <br> (1-mo. CME Term SOFR + 2.941%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,300 | 4128161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.36%, 03/15/41, <br> (1-mo. CME Term SOFR + 3.039%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 997187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66%, 05/15/38, <br> (1-mo. CME Term SOFR + 3.339%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003125 |
| CAFL Issuer LLC, 6.75%, 11/28/31<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,000 | 3040120 |
| &nbsp;&nbsp;&nbsp; Cali, 6.19%, 07/15/41, <br> (1-mo. CME Term SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,580 | 4580000 |
| CD Mortgage Trust, 4.51%, 08/15/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD430 | 419463 |
| &nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, 5.31%, <br> 02/15/39, <br> (1-mo. CME Term SOFR + 0.988%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 288003 |
| &nbsp;&nbsp;&nbsp; CENT Trust, 6.94%, 09/15/38, <br> (1-mo. CME Term SOFR + 2.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,860 | 2858213 |
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, 3.69%, <br> 05/10/58<br>| &nbsp;&nbsp;&nbsp; USD435 | 427769 |
| CFK Trust, 2.39%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 468029 |
| CFMT LLC, 4.00%, 10/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,413 | 4322895 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD184 | 183789 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,583 | 1589441 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,815 | 3847640 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,437 | 1450148 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD895 | 905310 |
| CHNGE Mortgage Trust, 3.01%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,853 | 1751395 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.43%, 07/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,415 | 5677296 |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,743 | 3780728 |
| &nbsp;&nbsp;&nbsp; 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,561 | 3602160 |
| &nbsp;&nbsp;&nbsp; 6.64%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD720 | 726115 |
| Citadel PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 04/28/60, <br> (1-day SONIA + 1.020%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,906 | 2543227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 04/28/60, <br> (1-day SONIA + 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%, 04/28/60, <br> (1-day SONIA + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.91%, 04/28/60, <br> (1-day SONIA + 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 04/28/60, <br> (1-day SONIA + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132268 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.46%, 11/10/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD833 | 733234 |
| &nbsp;&nbsp;&nbsp; 3.58%, 04/10/49 | &nbsp;&nbsp;&nbsp; USD1,000 | 981821 |
| &nbsp;&nbsp;&nbsp; 4.41%, 06/10/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD425 | 414779 |
| &nbsp;&nbsp;&nbsp; 6.01%, 10/12/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,310 | 2380955 |
| &nbsp;&nbsp;&nbsp; COAST Commercial Mortgage Trust, 6.91%, <br> 08/15/36, <br> (1-mo. CME Term SOFR + 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,645 | 2637039 |
| &nbsp;&nbsp;&nbsp; Colt Mortgage Loan Trust, 5.54%, <br> 12/26/69<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,636 | 7645652 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.96%, 09/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD728 | 605135 |
| &nbsp;&nbsp;&nbsp; 1.21%, 07/27/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD900 | 823494 |
| &nbsp;&nbsp;&nbsp; 1.33%, 10/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,055 | 981586 |
| &nbsp;&nbsp;&nbsp; 2.02%, 04/27/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 103793 |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,500 | 1463626 |
| &nbsp;&nbsp;&nbsp; 3.90%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 138075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,725 | $1711059 |
| &nbsp;&nbsp;&nbsp; 5.12%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,373 | 6338489 |
| &nbsp;&nbsp;&nbsp; 5.39%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,328 | 5337460 |
| &nbsp;&nbsp;&nbsp; 5.61%, 05/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD8,017 | 8049198 |
| &nbsp;&nbsp;&nbsp; 5.79%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD12,915 | 13032465 |
| &nbsp;&nbsp;&nbsp; 5.84%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,341 | 1343558 |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 300828 |
| &nbsp;&nbsp;&nbsp; 6.60%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,664 | 2683272 |
| &nbsp;&nbsp;&nbsp; 7.43%, 09/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 88835 |
| &nbsp;&nbsp;&nbsp; COLT Pass-Through Certificates, 0.86%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,374 | 3034935 |
| Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.53%, 02/10/48 | &nbsp;&nbsp;&nbsp; USD3 | 2724 |
| &nbsp;&nbsp;&nbsp; 3.83%, 02/10/48<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD205 | 201803 |
| &nbsp;&nbsp;&nbsp; 5.87%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,550 | 8720567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16%, 06/15/41, <br> (1-mo. CME Term SOFR + 1.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,430 | 6409828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class AM, 3.60%, <br> 03/10/48<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD325 | 318306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class A5, 3.70%, <br> 08/10/48<br>| &nbsp;&nbsp;&nbsp; USD94 | 93614 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 08/15/41, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,278 | 6246582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 08/15/41, <br> (1-mo. CME Term SOFR + 3.888%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD690 | 679679 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,531 | 7499000 |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,119 | 6132846 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,759 | 3779131 |
| &nbsp;&nbsp;&nbsp; 5.85%, 08/26/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,902 | 5935061 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD12,000 | 12081933 |
| &nbsp;&nbsp;&nbsp; 6.09%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD955 | 959995 |
| &nbsp;&nbsp;&nbsp; 6.09%, 04/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,677 | 4704228 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,091 | 2076198 |
| &nbsp;&nbsp;&nbsp; 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,979 | 2990610 |
| &nbsp;&nbsp;&nbsp; 7.14%, 11/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD685 | 694690 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.59%, 12/15/52 | &nbsp;&nbsp;&nbsp; USD72 | 65780 |
| &nbsp;&nbsp;&nbsp; 3.61%, 06/15/52 | &nbsp;&nbsp;&nbsp; USD915 | 855251 |
| &nbsp;&nbsp;&nbsp; 4.17%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD720 | 711899 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.83%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,429 | 1959856 |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/25/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,196 | 1044211 |
| &nbsp;&nbsp;&nbsp; 2.26%, 08/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD146 | 144479 |
| &nbsp;&nbsp;&nbsp; 2.82%, 08/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD550 | 541313 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD139 | 129330 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD129 | 119974 |
| &nbsp;&nbsp;&nbsp; 4.05%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD900 | 868390 |
| &nbsp;&nbsp;&nbsp; 4.06%, 10/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,683 | 2647797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 11/15/38, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,505 | 1498980 |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, 4.92%, <br> 11/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,880 | 7839375 |
| &nbsp;&nbsp;&nbsp; DBGS, 6.20%, 08/15/34, <br> (1-mo. CME Term SOFR + 1.882%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,820 | 7785773 |
| DBJPM Mortgage Trust, 3.56%, 06/10/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 236452 |
| &nbsp;&nbsp;&nbsp; DBWF Mortgage Trust, 6.06%, 04/15/37, <br> (1-mo. CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1988122 |
| DC Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.93%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,440 | 2461737 |
| &nbsp;&nbsp;&nbsp; 7.98%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,250 | 3273212 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.72%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,738 | 1649794 |
| &nbsp;&nbsp;&nbsp; 1.19%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD792 | 695071 |
| &nbsp;&nbsp;&nbsp; 2.96%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD140 | 114193 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 5.74%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,861 | $3871732 |
| DK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 03/15/34, <br> (1-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,910 | 4903862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07%, 03/15/34, <br> (1-mo. CME Term SOFR + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,400 | 1392125 |
| &nbsp;&nbsp;&nbsp; Dutch Property Finance BV, 3.06%, 04/28/64, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR996 | 1128869 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 05/26/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD8,966 | 8965463 |
| &nbsp;&nbsp;&nbsp; 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,388 | 3437989 |
| &nbsp;&nbsp;&nbsp; 6.65%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,306 | 2341133 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,580 | 7520782 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,357 | 5330993 |
| &nbsp;&nbsp;&nbsp; 5.04%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD8,610 | 8546374 |
| &nbsp;&nbsp;&nbsp; 5.71%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,088 | 5114932 |
| &nbsp;&nbsp;&nbsp; 5.73%, 02/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD84 | 83852 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,320 | 3339089 |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,690 | 3741373 |
| &nbsp;&nbsp;&nbsp; Elstree Funding, 5.18%, 01/21/65, <br> (1-day SONIA + 0.720%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,134 | 1505254 |
| &nbsp;&nbsp;&nbsp; Elstree Funding No. 5 PLC, 5.31%, 08/21/61, <br> (1-day SONIA + 0.850%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP554 | 737830 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,080 | 7231199 |
| &nbsp;&nbsp;&nbsp; EverBank Mortgage Loan Trust, 2.50%, <br> 03/25/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD153 | 139155 |
| Exmoor Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/25/94, <br> (1-day SONIA + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP530 | 707336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/25/94, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP157 | 210802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 03/25/94, <br> (1-day SONIA + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 134269 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series <br> 2021-ESH, Class A, 5.52%, 07/15/38, <br> (1-mo. CME Term SOFR + 1.194%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,337 | 5330704 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/25/55, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD13,697 | 13692528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/25/55, <br> (30-day Avg SOFR + 1.500%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,751 | 5759929 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.44%, 06/25/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,245 | 88397 |
| &nbsp;&nbsp;&nbsp; 0.65%, 12/25/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD69,090 | 858281 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/25/54, <br> (30-day Avg SOFR + 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,750 | 10709406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/25/53, <br> (30-day Avg SOFR + 1.050%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12,195 | 12166214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 10/25/54, <br> (30-day Avg SOFR + 1.060%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD23,820 | 23555939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/25/54, <br> (30-day Avg SOFR + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,364 | 5307490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/25/54, <br> (30-day Avg SOFR + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD22,151 | 21932441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/25/54, <br> (30-day Avg SOFR + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,817 | 7761275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 08/25/54, <br> (30-day Avg SOFR + 1.120%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15,871 | 15833258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/54, <br> (30-day Avg SOFR + 1.150%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12,770 | 12671059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/25/54, <br> (30-day Avg SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,391 | $3396934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/25/54, <br> (30-day Avg SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,033 | 4035548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/25/54, <br> (30-day Avg SOFR + 1.250%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,781 | 1787208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/25/55, <br> (30-day Avg SOFR + 1.350%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD22,857 | 22818602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/25/54, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,571 | 7590244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/25/54, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,883 | 7884009 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STRIPS, <br> 5.55%, 05/25/54, <br> (30-day Avg SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,133 | 4139594 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage <br> Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/25/54, <br> (30-day Avg SOFR + 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD14,527 | 14409497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/25/54, <br> (30-day Avg SOFR + 1.050%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,495 | 4482105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/25/54, <br> (30-day Avg SOFR + 1.050%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,993 | 4978204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/25/54, <br> (30-day Avg SOFR + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,311 | 4296861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/25/54, <br> (30-day Avg SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,887 | 9907859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 07/25/53, <br> (30-day Avg SOFR + 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,024 | 6013598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/25/55, <br> (30-day Avg SOFR + 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD24,789 | 24700607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 12/25/54, <br> (30-day Avg SOFR + 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,260 | 2257604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/25/55, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15,639 | 15633313 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD146 | 131398 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 112627 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,530 | 8460694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%, 12/15/39, <br> (1-mo. CME Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,600 | 6525750 |
| &nbsp;&nbsp;&nbsp; FS Trust, 6.13%, 08/15/39, <br> (1-mo. CME Term SOFR + 1.811%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,166 | 6164073 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.09%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,255 | 1879992 |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,621 | 1403972 |
| &nbsp;&nbsp;&nbsp; 1.92%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD53 | 48668 |
| &nbsp;&nbsp;&nbsp; 2.56%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,694 | 1620133 |
| &nbsp;&nbsp;&nbsp; 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD909 | 846195 |
| &nbsp;&nbsp;&nbsp; 3.27%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD221 | 213583 |
| &nbsp;&nbsp;&nbsp; 3.35%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,845 | 4612428 |
| &nbsp;&nbsp;&nbsp; 3.69%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD740 | 720327 |
| &nbsp;&nbsp;&nbsp; 3.94%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 138995 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,188 | 3974476 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,089 | 6032270 |
| &nbsp;&nbsp;&nbsp; 5.71%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD316 | 315352 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD237 | 240666 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/20/54, <br> (30-day Avg SOFR + 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,577 | 2572323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/20/54, <br> (30-day Avg SOFR + 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,143 | 6106880 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/20/54, <br> (30-day Avg SOFR + 1.150%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,801 | $3792453 |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust, 5.86%, 03/15/39, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,250 | 5238516 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/36, <br> (1-mo. CME Term SOFR + 0.999%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,010 | 2970604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,370 | 6310463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 12/15/36, <br> (1-mo. CME Term SOFR + 1.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,414 | 1402927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 03/15/28, <br> (1-mo. CME Term SOFR + 2.091%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,390 | 4396859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.52%, 08/15/39, <br> (1-mo. CME Term SOFR + 2.195%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,111 | 2110340 |
| &nbsp;&nbsp;&nbsp; 6.67%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,870 | 2883003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.97%, 11/25/41, <br> (1-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,471 | 7442464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%, 03/15/28, <br> (1-mo. CME Term SOFR + 2.790%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD580 | 580906 |
| &nbsp;&nbsp;&nbsp; 7.68%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,510 | 3534363 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corportation Trust, <br> 5.59%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98878 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2015-GC32, Class C, 4.56%, 07/10/48<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD205 | 199878 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, 3.75%, <br> 07/25/61<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD912 | 883178 |
| &nbsp;&nbsp;&nbsp; GWT, 6.01%, 05/15/41, <br> (1-mo. CME Term SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,555 | 4553577 |
| &nbsp;&nbsp;&nbsp; HIH Trust, 6.16%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,090 | 4079775 |
| HILT Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 05/15/37, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,193 | 11144031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 05/15/37, <br> (1-mo. CME Term SOFR + 2.440%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,100 | 3065125 |
| Hilton USA Trust, 3.72%, 11/05/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 196409 |
| &nbsp;&nbsp;&nbsp; HLTN Commercial Mortgage Trust, 5.96%, <br> 06/15/41, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,641 | 7593356 |
| Homes Trust, 5.72%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD10,993 | 11023529 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.22%, 08/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,441 | 6412109 |
| &nbsp;&nbsp;&nbsp; 5.92%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD8,814 | 8858274 |
| &nbsp;&nbsp;&nbsp; 6.18%, 01/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD7,237 | 7233887 |
| &nbsp;&nbsp;&nbsp; 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,286 | 2289335 |
| &nbsp;&nbsp;&nbsp; 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,000 | 2012159 |
| &nbsp;&nbsp;&nbsp; HONO Mortgage Trust, 5.59%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,700 | 6616250 |
| HTL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.07%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,840 | 2877111 |
| &nbsp;&nbsp;&nbsp; 10.60%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,000 | 3084879 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, 3.04%, <br> 12/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 367543 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, 6.06%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,342 | 7323645 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.99%, 10/05/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,000 | 5076381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 10/15/33, <br> (1-mo. CME Term SOFR + 1.734%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,860 | 2856457 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, 2.93%, <br> 05/25/52<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD532 | 458035 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,180 | $1147038 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,020 | 6075949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 04/15/38, <br> (1-mo. CME Term SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,137 | 3131176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 03/15/40, <br> (1-mo. CME Term SOFR + 1.693%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,917 | 7837830 |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,750 | 2754780 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/25/50, <br> (1-mo. CME Term SOFR + 3.886%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD416 | 5199 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD792 | 725958 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,769 | 1775235 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/25/47<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD985 | 884450 |
| &nbsp;&nbsp;&nbsp; 3.51%, 07/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD209 | 182800 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/26/48<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,355 | 1355637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 05/25/49, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD22 | 20591 |
| &nbsp;&nbsp;&nbsp; 5.59%, 02/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD11,041 | 11106809 |
| &nbsp;&nbsp;&nbsp; 5.99%, 07/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,175 | 2190508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/25/50, <br> (1-mo. CME Term SOFR + 2.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD412 | 415152 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD995 | 999307 |
| &nbsp;&nbsp;&nbsp; 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,344 | 2347215 |
| &nbsp;&nbsp;&nbsp; 6.41%, 02/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,800 | 2807942 |
| JP Morgan Trust, 5.87%, 05/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD961 | 956230 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, <br> 3.97%, 03/17/49<br>| &nbsp;&nbsp;&nbsp; USD430 | 419546 |
| Jubilee Place 7 BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 09/18/62, <br> (3-mo. EURIBOR + 0.720%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,246 | 1406171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 09/18/62, <br> (3-mo. EURIBOR + 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR257 | 290037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/18/62, <br> (3-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112475 |
| &nbsp;&nbsp;&nbsp; JW Commercial Mortgage Trust, 5.94%, <br> 06/15/39, <br> (1-mo. CME Term SOFR + 1.621%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,805 | 6766722 |
| &nbsp;&nbsp;&nbsp; JW Trust, 5.91%, 11/15/39, <br> (1-mo. CME Term SOFR + 1.593%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,360 | 4338200 |
| &nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, 5.86%, <br> 12/15/39, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,825 | 7751641 |
| &nbsp;&nbsp;&nbsp; Last Mile Logistics Pan Euro Finance DAC, <br> 5.26%, 08/17/33, <br> (3-mo. EURIBOR + 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,871 | 2089417 |
| &nbsp;&nbsp;&nbsp; Last Mile Securities PE DAC, 4.91%, 08/17/31, <br> (3-mo. EURIBOR + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR915 | 1030990 |
| LBA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,180 | 6176137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 06/15/39, <br> (1-mo. CME Term SOFR + 1.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,325 | 7325000 |
| &nbsp;&nbsp;&nbsp; LUX, 7.01%, 08/15/40, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD882 | 890548 |
| MCR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,800 | 4850555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 02/15/37, <br> (1-mo. CME Term SOFR + 1.758%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD894 | 892921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 12/15/41, <br> (1-mo. CME Term SOFR + 1.793%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,830 | 5822712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.43%, 02/15/37, <br> (1-mo. CME Term SOFR + 3.107%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,813 | 1805441 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.23%, 02/15/37, <br> (1-mo. CME Term SOFR + 3.905%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,652 | $1634116 |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, 2.50%, <br> 04/25/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD517 | 418292 |
| MF1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 12/15/34, <br> (1-mo. CME Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD130 | 129291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 12/15/34, <br> (1-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98797 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.47%, 11/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,188 | 3690293 |
| &nbsp;&nbsp;&nbsp; 4.26%, 12/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,100 | 938972 |
| &nbsp;&nbsp;&nbsp; 5.27%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,963 | 6952765 |
| &nbsp;&nbsp;&nbsp; 5.57%, 09/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,567 | 1561122 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD586 | 585276 |
| &nbsp;&nbsp;&nbsp; 6.11%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,338 | 2353570 |
| &nbsp;&nbsp;&nbsp; 6.58%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,486 | 1501686 |
| &nbsp;&nbsp;&nbsp; 6.62%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,698 | 2723845 |
| MFRA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.72%, 12/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD7,448 | 7508696 |
| &nbsp;&nbsp;&nbsp; 6.67%, 12/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,529 | 3569396 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, 5.24%, <br> 04/15/38, <br> (1-mo. CME Term SOFR + 0.915%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD308 | 308097 |
| MHP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 07/15/38, <br> (1-mo. CME Term SOFR + 0.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,720 | 4699350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/15/39, <br> (1-mo. CME Term SOFR + 0.815%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,636 | 2619339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 07/15/38, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,300 | 1291875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 07/15/38, <br> (1-mo. CME Term SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD215 | 213388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 07/15/38, <br> (1-mo. CME Term SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD215 | 213119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 07/15/38, <br> (1-mo. CME Term SOFR + 1.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 346500 |
| &nbsp;&nbsp;&nbsp; Miltonia Mortgage Finance SRL, 3.46%, <br> 04/28/62, (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 224695 |
| MIRA Trust, 6.75%, 06/10/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD103 | 107699 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch <br> Trust, 4.67%, 10/15/48<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD117 | 114349 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.52%, 07/15/52 | &nbsp;&nbsp;&nbsp; USD895 | 836927 |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/15/52 | &nbsp;&nbsp;&nbsp; USD895 | 842495 |
| &nbsp;&nbsp;&nbsp; 3.89%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD230 | 222642 |
| &nbsp;&nbsp;&nbsp; 4.43%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD650 | 635621 |
| &nbsp;&nbsp;&nbsp; 4.62%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD182 | 175078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 11/15/34, <br> (1-mo. CME Term SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD799 | 773033 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 07/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,834 | 6793005 |
| &nbsp;&nbsp;&nbsp; 5.56%, 03/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD11,652 | 11651375 |
| &nbsp;&nbsp;&nbsp; 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,781 | 2798287 |
| &nbsp;&nbsp;&nbsp; 5.96%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,304 | 3303658 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,830 | 1837727 |
| Mortimer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/22/67, <br> (1-day SONIA + 0.830%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,199 | 1594139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 09/22/67, <br> (1-day SONIA + 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP561 | 743391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 09/22/67, <br> (1-day SONIA + 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132231 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 09/22/67, <br> (1-day SONIA + 2.100%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | $132130 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,789 | 3810578 |
| &nbsp;&nbsp;&nbsp; 2.49%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,888 | 1785718 |
| &nbsp;&nbsp;&nbsp; 2.71%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 99321 |
| &nbsp;&nbsp;&nbsp; 2.72%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD673 | 635939 |
| &nbsp;&nbsp;&nbsp; 2.77%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,964 | 1850314 |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,063 | 2903889 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD95 | 90911 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD466 | 445392 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD37 | 35414 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD158 | 150440 |
| &nbsp;&nbsp;&nbsp; 3.99%, 04/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD944 | 862309 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD89 | 87780 |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD154 | 153701 |
| &nbsp;&nbsp;&nbsp; 5.12%, 09/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,801 | 6785271 |
| &nbsp;&nbsp;&nbsp; 5.47%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD9,972 | 9992336 |
| &nbsp;&nbsp;&nbsp; 6.30%, 11/25/52<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,408 | 2405168 |
| &nbsp;&nbsp;&nbsp; 6.47%, 01/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,172 | 2188497 |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,828 | 1837948 |
| &nbsp;&nbsp;&nbsp; NEW Residential Mortgage Loan Trust, 5.57%, <br> 05/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,382 | 2397843 |
| NYC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%, 08/15/29, <br> (1-mo. CME Term SOFR + 1.991%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,000 | 5000148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 08/15/29, <br> (1-mo. CME Term SOFR + 2.840%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 985002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16%, 08/15/29, <br> (1-mo. CME Term SOFR + 3.838%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3927338 |
| NYMT Loan Trust, 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,574 | 7598751 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.07%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,519 | 1295509 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD265 | 255808 |
| &nbsp;&nbsp;&nbsp; 4.70%, 07/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 350745 |
| &nbsp;&nbsp;&nbsp; 4.94%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,482 | 3458757 |
| &nbsp;&nbsp;&nbsp; 5.11%, 08/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD433 | 430791 |
| &nbsp;&nbsp;&nbsp; 5.61%, 11/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,987 | 9021871 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,582 | 1590642 |
| &nbsp;&nbsp;&nbsp; 5.93%, 01/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,017 | 1018842 |
| &nbsp;&nbsp;&nbsp; 5.99%, 01/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,359 | 1366324 |
| &nbsp;&nbsp;&nbsp; 6.07%, 01/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,568 | 3588406 |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,663 | 1661219 |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,221 | 1229297 |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,400 | 1399163 |
| &nbsp;&nbsp;&nbsp; 6.52%, 07/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,055 | 2069335 |
| &nbsp;&nbsp;&nbsp; 6.95%, 02/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD8,922 | 8931743 |
| &nbsp;&nbsp;&nbsp; ONE Mortgage Trust, 5.14%, 03/15/36, <br> (1-mo. CME Term SOFR + 0.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,800 | 1760063 |
| One New York Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD519 | 495645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.614%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 940000 |
| &nbsp;&nbsp;&nbsp; ONNI Commerical Mortgage Trust, 5.75%, <br> 07/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,605 | 3690867 |
| &nbsp;&nbsp;&nbsp; OPEN Trust, 7.41%, 11/15/40, <br> (1-mo. CME Term SOFR + 3.089%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,537 | 1536370 |
| &nbsp;&nbsp;&nbsp; ORL Trust, 5.81%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,400 | 4372500 |
| &nbsp;&nbsp;&nbsp; PGA Trust, 6.21%, 06/15/39, <br> (1-mo. CME Term SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,760 | 6732528 |
| &nbsp;&nbsp;&nbsp; Pierpont BTL PLC, 5.31%, 09/21/61, <br> (1-day SONIA + 0.840%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,406 | 1872058 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,000 | $3961260 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,568 | 7486881 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,849 | 7879566 |
| Polaris PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 02/26/68, <br> (1-day SONIA + 0.820%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,839 | 2445880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 02/26/68, <br> (1-day SONIA + 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP413 | 546469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 02/26/68, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP108 | 142364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 02/26/68, <br> (1-day SONIA + 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 131830 |
| PRET LLC, 7.12%, 04/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,429 | 1437083 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,268 | 1219284 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,817 | 3674899 |
| PRKCM, 5.55%, 02/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,482 | 3496179 |
| PRKCM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.07%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,758 | 2396296 |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD93 | 91768 |
| &nbsp;&nbsp;&nbsp; 6.33%, 03/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,029 | 1038901 |
| &nbsp;&nbsp;&nbsp; 6.43%, 05/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,344 | 1358425 |
| &nbsp;&nbsp;&nbsp; 6.60%, 02/25/58<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,228 | 2236481 |
| PRM5 Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.62%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,507 | 7453512 |
| &nbsp;&nbsp;&nbsp; 5.81%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,200 | 3192773 |
| PRPM, 5.23%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,987 | 6965157 |
| PRPM LLC, 4.00%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,634 | 1596048 |
| PRPM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,100 | 3101801 |
| &nbsp;&nbsp;&nbsp; 5.67%, 12/26/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD11,959 | 11981883 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,049 | 5091831 |
| &nbsp;&nbsp;&nbsp; 6.22%, 11/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,916 | 3942024 |
| &nbsp;&nbsp;&nbsp; 6.27%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,545 | 1559453 |
| &nbsp;&nbsp;&nbsp; 6.52%, 12/26/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,000 | 5040144 |
| &nbsp;&nbsp;&nbsp; 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,027 | 2065211 |
| &nbsp;&nbsp;&nbsp; Radian Mortgage Capital Trust, 5.50%, <br> 03/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,081 | 2061744 |
| &nbsp;&nbsp;&nbsp; Radian Mortgage Capital Trust LLC, 6.00%, <br> 11/25/54<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,075 | 2084581 |
| RCKT Mortgage Trust, 5.49%, 11/25/44<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,312 | 6328567 |
| RCO Mortgage LLC, 7.02%, 01/25/29<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD556 | 558915 |
| ROCK Trust, 8.82%, 11/13/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,000 | 2090811 |
| RUN Trust, 4.00%, 03/25/67<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,090 | 2033734 |
| SAIF Securitization Trust, 5.97%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,202 | 3212038 |
| &nbsp;&nbsp;&nbsp; Sapphire XXXII Trust, 5.20%, 06/14/66, <br> (1-month BB Swap + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD5,880 | 3740936 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, 7.27%, <br> 03/15/35, <br> (1-mo. CME Term SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,410 | 6853537 |
| &nbsp;&nbsp;&nbsp; SCG Mortgage Trust, 6.06%, 04/15/41, <br> (1-mo. CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,200 | 6176764 |
| &nbsp;&nbsp;&nbsp; SDAL Trust, 6.74%, 04/15/42, <br> (1-mo. CME Term SOFR + 2.441%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,496 | 10482869 |
| SELF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 11/15/34, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,680 | 4689100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.51%, 11/15/34, <br> (1-mo. CME Term SOFR + 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,050 | 3021497 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD664 | 614154 |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,169 | 7141615 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,193 | 6134989 |
| &nbsp;&nbsp;&nbsp; SG Residential Mortgage Trust, 5.35%, <br> 08/25/62<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,639 | 2632516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| SHR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,130 | $5109159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.77%, 10/15/41, <br> (1-mo. CME Term SOFR + 4.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD931 | 911798 |
| &nbsp;&nbsp;&nbsp; SMRT Commercial Mortgage Trust, 5.32%, <br> 01/15/39, <br> (1-mo. CME Term SOFR + 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,150 | 5124250 |
| SREIT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 11/15/38, <br> (1-mo. CME Term SOFR + 0.845%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,565 | 5540528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 11/15/36, <br> (1-mo. CME Term SOFR + 0.936%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,670 | 6632481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 11/15/36, <br> (1-mo. CME Term SOFR + 1.485%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD265 | 263013 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.94%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,742 | 1628185 |
| &nbsp;&nbsp;&nbsp; 1.17%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,280 | 1197131 |
| &nbsp;&nbsp;&nbsp; 1.92%, 09/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD621 | 532729 |
| &nbsp;&nbsp;&nbsp; 2.18%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 441644 |
| Stratton Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 06/25/49, <br> (1-day SONIA + 0.975%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP409 | 544050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 06/25/49, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP179 | 238260 |
| &nbsp;&nbsp;&nbsp; STWD Trust, 5.01%, 07/15/36, <br> (1-mo. CME Term SOFR + 0.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,780 | 4761673 |
| Taurus U.K. DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 02/18/35, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,062 | 2736526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47%, 02/18/35, <br> (1-day SONIA + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP406 | 537479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.97%, 02/18/35, <br> (1-day SONIA + 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP502 | 661075 |
| TCO Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.243%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,309 | 7254182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06%, 12/15/39, <br> (1-mo. CME Term SOFR + 2.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2430147 |
| THPT Mortgage Trust, 7.23%, 12/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,627 | 6715494 |
| Thunder Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/17/36, <br> (3-mo. EURIBOR + 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,196 | 1365844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 11/17/36, <br> (3-mo. EURIBOR + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR79 | 89981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 11/17/36, <br> (3-mo. EURIBOR + 2.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR79 | 89999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 11/17/36, <br> (3-mo. EURIBOR + 3.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR120 | 136929 |
| Together Asset-Backed Securitisation PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 09/12/56, <br> (1-day SONIA + 0.930%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP929 | 1239654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 10/12/65, <br> (1-day SONIA + 0.960%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,274 | 1699501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 09/12/56, <br> (1-day SONIA + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP424 | 561662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 09/12/56, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 01/15/57, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP182 | 242666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 01/15/57, <br> (1-day SONIA + 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP109 | 145481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 09/12/56, <br> (1-day SONIA + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132169 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,500 | $1454810 |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD856 | 810341 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/01/62<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,141 | 2024553 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99397 |
| &nbsp;&nbsp;&nbsp; 5.73%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD11,016 | 11100010 |
| TRK Trust, 4.35%, 06/25/57<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,475 | 1403582 |
| TTAN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 03/15/38, <br> (1-mo. CME Term SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,159 | 6147729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/15/38, <br> (1-mo. CME Term SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,319 | 1313965 |
| TYSN Mortgage Trust, 6.80%, 12/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,304 | 4537990 |
| U.K. Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/17/34, <br> (1-day SONIA + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP202 | 268542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.46%, 05/17/35, <br> (1-day SONIA + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP824 | 1096958 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 10/15/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,201 | 1050788 |
| &nbsp;&nbsp;&nbsp; 3.84%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD565 | 538862 |
| UK Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 02/17/35, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,404 | 1896724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%, 02/17/35, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP197 | 265532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.71%, 02/17/35, <br> (1-day SONIA + 2.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 134314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.71%, 02/17/35, <br> (1-day SONIA + 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP219 | 293888 |
| VEGAS, 6.42%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,390 | 5042860 |
| VEGAS Trust, 5.52%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,850 | 4915644 |
| Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.22%, 06/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,088 | 2021144 |
| &nbsp;&nbsp;&nbsp; 5.49%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,081 | 3063518 |
| &nbsp;&nbsp;&nbsp; 5.81%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,924 | 6942508 |
| &nbsp;&nbsp;&nbsp; 6.03%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,223 | 2238717 |
| &nbsp;&nbsp;&nbsp; 6.58%, 04/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD822 | 829543 |
| &nbsp;&nbsp;&nbsp; 6.98%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,997 | 2003157 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.22%, 05/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD522 | 504932 |
| &nbsp;&nbsp;&nbsp; 3.02%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,400 | 5101236 |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,689 | 2452108 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,922 | 1834259 |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,224 | 7184971 |
| &nbsp;&nbsp;&nbsp; 5.22%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,315 | 7302501 |
| &nbsp;&nbsp;&nbsp; 5.36%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,855 | 4848240 |
| &nbsp;&nbsp;&nbsp; 5.62%, 05/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD9,429 | 9480637 |
| &nbsp;&nbsp;&nbsp; 5.71%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,077 | 6083679 |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,522 | 2522843 |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD441 | 440145 |
| &nbsp;&nbsp;&nbsp; 5.93%, 03/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,301 | 4304161 |
| &nbsp;&nbsp;&nbsp; 6.10%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD323 | 324501 |
| &nbsp;&nbsp;&nbsp; 6.12%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,175 | 2191724 |
| &nbsp;&nbsp;&nbsp; 6.34%, 04/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,950 | 2977703 |
| &nbsp;&nbsp;&nbsp; 6.76%, 02/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,443 | 2448054 |
| Visio Trust, 1.31%, 11/25/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 73523 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD7,620 | 7616715 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 1006391 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.58%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,371 | 2297170 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/59 | &nbsp;&nbsp;&nbsp; USD850 | 836503 |
| &nbsp;&nbsp;&nbsp; 4.07%, 09/15/58<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 994931 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD440 | 431277 |
| &nbsp;&nbsp;&nbsp; 4.19%, 08/17/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD210 | 205359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/15/58<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,175 | $1167447 |
| &nbsp;&nbsp;&nbsp; 4.86%, 01/15/59<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD205 | 202302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class AS, 3.87%, <br> 05/15/48<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD413 | 411847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class B, 4.48%, <br> 11/15/48<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD450 | 444054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class AS, 4.38%, <br> 08/15/51<br>| &nbsp;&nbsp;&nbsp; USD660 | 643406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class AS, 4.02%, <br> 05/15/52<br>| &nbsp;&nbsp;&nbsp; USD870 | 828714 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust, <br> 3.50%, 07/25/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD175 | 160784 |
| WEST Trust, 5.45%, 04/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,126 | 4155670 |
| Winchester 1 PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/21/56<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP816 | 1087629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/21/56, <br> (1-day SONIA + 1.200%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP340 | 449907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 10/21/56, <br> (1-day SONIA + 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 131849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46%, 10/21/56, <br> (1-day SONIA + 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132269 |
| WinWater Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD313 | 290095 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD132 | 123719 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD390 | 359405 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD156 | 143762 |
| &nbsp;&nbsp;&nbsp; 3.93%, 06/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD394 | 379405 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD99 | 95044 |
|  |  | 1879475391 |
| **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** |
| Tower Bridge Funding PLC, 5.26%, 12/20/66<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP501 | 666789 |
| **Total Collateralized Mortgage Obligations — 22.5%** <br>**(Cost: $1,951,634,736)** | **Total Collateralized Mortgage Obligations — 22.5%** <br>**(Cost: $1,951,634,736)** | 1958094838 |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Nexi SpA, Series ., 0.00% 02/24/28<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; EUR7,900 | 8107148 |
| Worldline SA/France |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/30/25<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | 52957 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/30/26<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; EUR4,654 | 5105079 |
|  |  | 13265184 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA, Series CLNX, 0.75%, <br> 11/20/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,400 | 6454779 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| ams-OSRAM AG, Series ., 2.13%, 11/03/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,100 | 1081023 |
| **Total Convertible Bonds — 0.2%** <br>**(Cost: $19,463,001)** | **Total Convertible Bonds — 0.2%** <br>**(Cost: $19,463,001)** | 20800986 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,796 | 2718515 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,007 | 1007451 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,687 | 3816244 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD391 | 353354 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 | &nbsp;&nbsp;&nbsp; USD698 | 665789 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,723 | 3614759 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD629 | 584189 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD948 | $876045 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,136 | 4052835 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,576 | 2430761 |
| Summer BC Holdco B SARL |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,773 | 1960073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.79%, 02/15/30, <br> (3-mo. EURIBOR + 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,653 | 1842157 |
|  |  | 23922172 |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD429 | 424240 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD351 | 355118 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,094 | 3167807 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,153 | 1187697 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,266 | 2271529 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,513 | 1621196 |
| &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV, 7.00%, <br> 07/28/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD288 | 306720 |
| RTX Corp., 2.15%, 05/18/30 | &nbsp;&nbsp;&nbsp; EUR1,890 | 2047017 |
| Spirit AeroSystems Inc., 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8,243 | 9124231 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD3,138 | 3018229 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 | &nbsp;&nbsp;&nbsp; USD2,115 | 2041004 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 | &nbsp;&nbsp;&nbsp; USD7,955 | 7917130 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,741 | 4856462 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,395 | 1423031 |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD494 | 508994 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,610 | 1673413 |
|  |  | 41943818 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Darling Ingredients Inc., 5.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,568 | 1550738 |
| Tereos Finance Groupe I SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR832 | 945396 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,009 | 4641513 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,559 | 2998106 |
|  |  | 10135753 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; ABRA Global Finance, 14.00%, 10/22/29, <br> (6.00% cash and 8.00% PIK)<sup>(a)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD258 | 174240 |
| Air Canada, 3.88%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,451 | 1423786 |
| American Airlines Inc., 7.25%, 02/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,611 | 5542464 |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty <br> IP Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD85 | 84093 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,966 | 2876733 |
| Azul Secured Finance LLP, 11.93%, 08/28/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD213 | 126515 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, 5.25%, 01/15/55, <br> (5-year EURIBOR ICE Swap + 2.855%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR9,000 | 10005608 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, 8.25%, <br> 11/15/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD600 | 561378 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, <br> 9.88%, 09/20/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,183 | 2931951 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management <br> Holding Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,745 | 1506573 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD900 | 874021 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,160 | 1133077 |
|  |  | 27240439 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,020 | 3128707 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, 6.03%, 07/01/29, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,253 | 1420715 |
|  |  | 4549422 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
| Allison Transmission Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | $898387 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD213 | 212845 |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.38%, <br> 03/31/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP7,662 | 8964882 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, 5.70%, 03/27/30, <br> (1-day SOFR + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4455675 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 4.50%, <br> 10/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD530 | 506361 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD439 | 414364 |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/09/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD720 | 655890 |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/13/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD251 | 246016 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD511 | 522432 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/17/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,436 | 2337113 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,986 | 1835214 |
| &nbsp;&nbsp;&nbsp; RCI Banque SA, 5.50%, 10/09/34, (5-year <br> EURIBOR ICE Swap + 2.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR20,000 | 23506648 |
| &nbsp;&nbsp;&nbsp; Traton Finance Luxembourg SA, 3.24%, <br> 01/21/26, (3-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR10,800 | 12271551 |
| Volkswagen Bank GmbH, 2.50%, 07/31/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR13,100 | 14830844 |
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services AG, 3.75%, <br> 09/10/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,999 | 6900927 |
| Volkswagen International Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/27/26, <br> (3-mo. EURIBOR + 0.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,600 | 1815407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, <br> (10-year EUR Swap + 3.370%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,000 | 5565128 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH, 1.50%, <br> 06/19/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,908 | 7733607 |
| &nbsp;&nbsp;&nbsp; Volvo Treasury AB, 2.91%, 05/22/26, <br> (3-mo. EURIBOR + 0.380%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR882 | 999658 |
|  |  | 94672949 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,494 | 2363260 |
| &nbsp;&nbsp;&nbsp; 8.25%, 04/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD557 | 551400 |
| American Axle & Manufacturing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,862 | 3386959 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 | &nbsp;&nbsp;&nbsp; USD596 | 581207 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 | &nbsp;&nbsp;&nbsp; USD376 | 361885 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,560 | 1584366 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,537 | 3598190 |
| &nbsp;&nbsp;&nbsp; Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,411 | 2949979 |
| Dana Inc., 5.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD589 | 584079 |
| Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,046 | 1060541 |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR500 | 546532 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR360 | 394433 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR7,820 | 8415946 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,320 | 2556923 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD850 | 837582 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,243 | 2133445 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 | &nbsp;&nbsp;&nbsp; USD1,026 | 955829 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,541 | 1423538 |
| IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/28, (8.75% PIK)<sup>(c)(g)</sup> | &nbsp;&nbsp;&nbsp; EUR4,000 | 4732247 |
| &nbsp;&nbsp;&nbsp; Series MAR, 7.00%, 11/15/31<sup>(c)(g)</sup> | &nbsp;&nbsp;&nbsp; EUR2,471 | 2885001 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/02/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,500 | 2480625 |
| &nbsp;&nbsp;&nbsp; 6.06%, 04/02/30<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,500 | 2471888 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Mahle GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/14/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | $1019565 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/02/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,905 | 9891317 |
| Schaeffler AG |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,800 | 2038880 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,200 | 1352624 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,277 | 5041191 |
| ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/23/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 209233 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,400 | 4286706 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/13/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3302440 |
| ZF Finance GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/03/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR500 | 506951 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/03/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 114128 |
| ZF North America Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD317 | 289284 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/14/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD703 | 671244 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD850 | 746029 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,096 | 2848338 |
|  |  | 79173785 |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| &nbsp;&nbsp;&nbsp; Abanca Corp. Bancaria SA, 4.63%, 12/11/36, <br> (5-year EURIBOR ICE Swap + 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,700 | 5332256 |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, 6.38%, <br> (5-year EUR Swap + 3.902%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,500 | 1695028 |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC, 8.00%, <br> (5-year CMT + 3.524%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 265860 |
| AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, , (5-year EURIBOR ICE Swap + <br> 3.705%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,500 | 3809336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, (5-year EURIBOR ICE Swap + <br> 4.387%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,436 | 6389107 |
| &nbsp;&nbsp;&nbsp; Al Rajhi Sukuk Ltd., 6.25%, , <br> (6-year CMT + 1.594%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD684 | 689558 |
| &nbsp;&nbsp;&nbsp; Alpha Services and Holdings SA, 6.00%, <br> 09/13/34, (5-year EURIBOR ICE Swap + <br> 3.270%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3598896 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., <br> 2.93%, 05/21/27, <br> (3-mo. EURIBOR + 0.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,500 | 2831413 |
| &nbsp;&nbsp;&nbsp; Axis Bank Ltd./Gandhinagar, 4.10%, <br> (5-year CMT + 3.315%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4303125 |
| &nbsp;&nbsp;&nbsp; B&M European Value Retail SA, 6.50%, <br> 11/27/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,800 | 6248905 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, , <br> (5-year EUR Swap + 4.267%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1179671 |
| &nbsp;&nbsp;&nbsp; 7.75%, , (5-year CMT + 3.249%)<sup>(b)(f)(h)</sup> | &nbsp;&nbsp;&nbsp; USD7,400 | 7241947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, (5-year EURIBOR ICE Swap + <br> 5.544%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,000 | 6195559 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA, 8.75%, <br> (5-year CMT + 4.944%)<sup>(a)(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 414500 |
| Banco Mercantil del Norte SA/Grand Cayman |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, (5-year CMT + 4.643%)<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;&nbsp; USD260 | 250390 |
| &nbsp;&nbsp;&nbsp; 8.38%, , (5-year CMT + 4.072%)<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;&nbsp; USD411 | 404013 |
| &nbsp;&nbsp;&nbsp; Bancolombia SA, 8.63%, 12/24/34, <br> (5-year CMT + 4.320%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD510 | 527825 |
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL/Hong Kong, 5.30%, <br> 09/21/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD650 | 662896 |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT, <br> 4.30%, (5-year CMT + 3.466%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4237020 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 03/22/31, <br> (3-mo. EURIBOR + 0.790%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,291 | 5312136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 04/25/28, <br> (3-mo. EURIBOR + 0.890%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,697 | $8552205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78%, 05/04/27, <br> (3-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,620 | 6313140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/31/29, <br> (3-mo. EURIBOR + 3.670%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,261 | 2615187 |
| Bankinter SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, (5-year EUR Swap + 6.714%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR2,600 | 2966162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, (5-year EURIBOR ICE Swap + <br> 4.708%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,800 | 9289268 |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/14/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,200 | 1379132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/35, (5-year EURIBOR ICE <br> Swap + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR16,700 | 18980505 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 01/31/33, (1-year EURIBOR ICE <br> Swap + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,500 | 7671177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 08/08/30, <br> (1-year EUR Swap + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR13,897 | 16763384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 01/31/31, (1-year UK Government <br> Bond + 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP7,215 | 10002890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.09%, 11/06/29, <br> (1-year GBP Swap + 2.553%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,094 | 2957781 |
| &nbsp;&nbsp;&nbsp; 9.25%, (5-year GBP Swap + 5.639%)<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp; GBP2,600 | 3645896 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 03/08/27, <br> (3-mo. EURIBOR + 0.610%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR10,800 | 12273521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/34, <br> (3-mo. EURIBOR + 1.470%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3423402 |
| &nbsp;&nbsp;&nbsp; BPER Banca SpA, 6.50%, , (5-year EURIBOR <br> ICE Swap + 4.346%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3424041 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, , (5-year EURIBOR ICE Swap + <br> 3.935%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,200 | 2474514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, (5-year EURIBOR ICE Swap + <br> 5.295%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,400 | 2932950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 5.88%, <br> (5-year EUR Swap + 6.346%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,400 | 6201507 |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., 5.61%, 03/04/56, <br> (1-day SOFR + 1.746%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,424 | 1360732 |
| Commerzbank AG |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, (5-year EUR Swap + 4.387%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1076208 |
| &nbsp;&nbsp;&nbsp; 6.50%, (5-year EUR Swap + 6.743%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR5,000 | 5830918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, (5-year EURIBOR ICE Swap + <br> 5.129%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,800 | 2197164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 02/28/33, (5-year UK Government <br> Bond + 5.251%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,500 | 2141519 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, 4.23%, 04/25/29, <br> (3-mo. EURIBOR + 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,300 | 1533758 |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA, 4.75%, <br> 07/15/25<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD504 | 503027 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, 5.88%, , (5-year EURIBOR <br> ICE Swap + 3.636%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,900 | 2063521 |
| &nbsp;&nbsp;&nbsp; Danske Bank AS, 2.94%, 04/10/27, <br> (3-mo. EURIBOR + 0.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR10,840 | 12296496 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, (5-year EURIBOR ICE Swap + <br> 4.552%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,800 | 6276042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, (5-year EURIBOR ICE Swap + <br> 4.747%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,400 | 7772201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, <br> (5-year USD ICE Swap + 4.358%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,800 | 2772000 |
| &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC, 6.25%, , <br> (6-year CMT + 1.839%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD618 | 633450 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and Holdings SA, <br> 4.25%, 04/30/35, (5-year EURIBOR ICE <br> Swap + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,275 | $3671300 |
| Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 496245 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD580 | 578449 |
| &nbsp;&nbsp;&nbsp; 12.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,947 | 4231535 |
| Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 02/07/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR15,282 | 16313445 |
| &nbsp;&nbsp;&nbsp; 1.50%, 12/07/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,595 | 1962069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/29/29, (1-year UK Government <br> Bond + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,400 | 1793336 |
| &nbsp;&nbsp;&nbsp; 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,629 | 4451918 |
| &nbsp;&nbsp;&nbsp; 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,960 | 2882819 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/10/28 | &nbsp;&nbsp;&nbsp; GBP617 | 877440 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/24/27, <br> (1-day SONIA + 1.307%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,830 | 6190165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 03/11/35, <br> (3-month BB Swap + 1.870%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD1,810 | 1141019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/14/31, <br> (1-day SONIA + 2.124%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; GBP820 | 1166306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 3.39%, 09/24/26, <br> (3-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,400 | 1590003 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/16/31, <br> (3-mo. EURIBOR + 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,300 | 3499445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/03/30, <br> (3-mo. EURIBOR + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,900 | 5630035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/23/29, <br> (3-mo. EURIBOR + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,800 | 4507323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, <br> (5-year USD ICE Swap + 4.084%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,050 | 4019625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, <br> (5-year USD ICE Swap + 4.360%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,525 | 2616531 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32, <br> (1-year CMT + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,732 | 1548964 |
| &nbsp;&nbsp;&nbsp; 5.50%, (5-year EUR Swap + 5.848%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR4,258 | 4854067 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., 4.46%, 11/13/31, <br> (3-mo. EURIBOR + 1.280%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,554 | 9066676 |
| &nbsp;&nbsp;&nbsp; Kasikornbank PCL/Hong Kong, 3.34%, <br> 10/02/31, (5-year CMT + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,300 | 4153628 |
| &nbsp;&nbsp;&nbsp; KBC Group NV, 8.00%, (5-year EURIBOR ICE <br> Swap + 4.928%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,200 | 2716875 |
| LG Electronics Inc., 5.63%, 04/24/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 407072 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, (5-year UK Government Bond + <br> 5.883%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,300 | 1778293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 7.50%, , (5-year UK Government <br> Bond + 3.436%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP3,075 | 3961118 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 04/27/27 | &nbsp;&nbsp;&nbsp; EUR5,466 | 6104728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 03/19/27, <br> (3-mo. EURIBOR + 0.650%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,350 | 8337610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/21/35, <br> (3-mo. EURIBOR + 1.242%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR9,556 | 10879236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 03/02/29, <br> (3-mo. EURIBOR + 1.304%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,850 | 5747355 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, 5.88%, 06/28/35, <br> (5-year EURIBOR ICE Swap + 3.154%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,700 | 4458590 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, 7.50%, , (5-year UK <br> Government Bond + 3.294%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP5,025 | 6428814 |
| QNB Finance Ltd., 2.63%, 05/12/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD636 | 634982 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/12/29, <br> (3-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,900 | $4080128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/22/32, (1-year UK Government <br> Bond + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,600 | 3475019 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., 6.45%, , <br> (5-year CMT + 1.900%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,625 | 5351204 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, 2.96%, 03/08/27, <br> (3-mo. EURIBOR + 0.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,800 | 3178103 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp, 3.33%, 05/21/28, <br> (3-mo. EURIBOR + 0.800%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR10,860 | 12264716 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/05/28, <br> (1-year EUR Swap + 0.770%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,670 | 7089145 |
| &nbsp;&nbsp;&nbsp; 4.88%, (5-year CMT + 3.404%)<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 286826 |
| &nbsp;&nbsp;&nbsp; 5.13%, (5-year CMT + 4.855%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; USD1,200 | 1174409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, <br> (5-year USD ICE Swap + 3.630%)<sup>(a)(b)(f)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,450 | 4367277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, , <br> (5-year USD ICE Swap + 3.179%)<sup>(a)(b)(f)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,625 | 1554121 |
| UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35, <br> (5-year CMT + 4.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,815 | 1766476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34, <br> (5-year USD ICE Swap + 4.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 209202 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 05/04/30, <br> (3-mo. EURIBOR + 1.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,072 | 2225136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 07/22/28, <br> (3-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR19,550 | 22073455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/22/32, <br> (3-mo. EURIBOR + 1.220%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,466 | 7469307 |
| &nbsp;&nbsp;&nbsp; 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD332 | 274886 |
|  |  | 445449565 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., 4.44%, <br> 10/06/48<br>| &nbsp;&nbsp;&nbsp; USD3,299 | 2775703 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD980 | 940267 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,649 | 1658300 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,704 | 1691279 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,912 | 1658109 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands Inc., 9.50%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,353 | 2047145 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,490 | 7611585 |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,257 | 2288844 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,160 | 2202673 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,937 | 4499727 |
| PCF GmbH, 4.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,487 | 3046834 |
| Quikrete Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,826 | 5858835 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,499 | 1504607 |
| Sisecam U.K. PLC, 8.25%, 05/02/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD552 | 552000 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,507 | 1472321 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,170 | 2226379 |
| &nbsp;&nbsp;&nbsp; St Marys Cement Inc. Canada, 5.75%, <br> 04/02/34<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 196700 |
| Standard Industries Inc./New York |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD597 | 527126 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,727 | 4408467 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,720 | $1741420 |
|  |  | 46132618 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Avient Corp., 6.25%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD159 | 157300 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,765 | 2863075 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, 8.00%, <br> 10/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD570 | 505447 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 08/05/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD226 | 215569 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/30 | &nbsp;&nbsp;&nbsp; USD2,043 | 1996269 |
| &nbsp;&nbsp;&nbsp; 6.60%, 11/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,068 | 1079687 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD526 | 517134 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,433 | 4161188 |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/15/30 | &nbsp;&nbsp;&nbsp; USD322 | 321888 |
| &nbsp;&nbsp;&nbsp; 6.95%, 11/15/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD609 | 610182 |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,714 | 1435265 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,853 | 2570892 |
| &nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,175 | 3593779 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,682 | 1467132 |
| Ineos Finance PLC, 6.38%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,503 | 6132773 |
| INEOS Finance PLC, 7.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,119 | 1051045 |
| Ineos Quattro Finance 2 PLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,597 | 5698772 |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,687 | 6174512 |
| Kronos International Inc., 9.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,963 | 8329374 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,892 | 3831895 |
| Ma'aden Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD481 | 487614 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/13/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD387 | 392563 |
| MEGlobal BV, 4.25%, 11/03/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 297000 |
| MEGlobal Canada ULC, 5.00%, 05/18/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 599820 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 | &nbsp;&nbsp;&nbsp; USD183 | 179631 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 75985 |
| &nbsp;&nbsp;&nbsp; Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,650 | 1562381 |
| Monitchem HoldCo 3 SA, 8.75%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,276 | 3664168 |
| Nobian Finance BV, 3.63%, 07/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,239 | 2531506 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,992 | 1882440 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,417 | 2389283 |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD142 | 146768 |
| OCP SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/23/51<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD263 | 191929 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/02/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD488 | 477874 |
| Olin Corp., 6.63%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD371 | 352024 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,172 | 3854228 |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,421 | 1472949 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD233 | 233000 |
| &nbsp;&nbsp;&nbsp; 9.63%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,500 | 5314485 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,379 | 3520776 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD335 | 334776 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/18/26 | &nbsp;&nbsp;&nbsp; USD200 | 191500 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/27/28 | &nbsp;&nbsp;&nbsp; USD221 | 203928 |
| SCIH Salt Holdings Inc., 4.88%, 05/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,058 | 2929567 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR350 | 393508 |
| &nbsp;&nbsp;&nbsp; 9.50%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,852 | 3377895 |
| Synthomer PLC, 7.38%, 05/02/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,000 | 6422719 |
| Tronox Inc., 4.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,515 | 2845304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,416 | $3912344 |
|  |  | 102951143 |
| **Commercial Services — 2.1%** | **Commercial Services — 2.1%** | **Commercial Services — 2.1%** |
| ADT Security Corp. (The), 4.13%, 08/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD264 | 249117 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,525 | 5643017 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,871 | 4567903 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 47167 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,057 | 2938047 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP9,072 | 11500861 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,000 | 9447973 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3414239 |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, 4.82%, <br> 05/01/30, (3-mo. EURIBOR + 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,122 | 4655161 |
| Autostrade per l'Italia SpA, 1.75%, 02/01/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,061 | 4533339 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,607 | 3320043 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD595 | 578203 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,832 | 1819927 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD273 | 272372 |
| BCP V Modular Services Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/30/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 109320 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP7,076 | 8935200 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,498 | 2494819 |
| Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 | &nbsp;&nbsp;&nbsp; USD610 | 544464 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD850 | 867238 |
| Boels Topholding BV |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,051 | 7069779 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,297 | 2693754 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 7.50%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,596 | 5905213 |
| Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD515 | 524670 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,513 | 1548686 |
| &nbsp;&nbsp;&nbsp; DP World Salaam, 6.00%, <br> (5-year CMT + 5.750%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD580 | 578913 |
| Edenred SE, 3.63%, 12/13/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,300 | 1498268 |
| EquipmentShare.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,055 | 1041345 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,367 | 2416539 |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,312 | 2353160 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,635 | 1529318 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,128 | 1164386 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,875 | 2835968 |
| Herc Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD286 | 282793 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,177 | 2150695 |
| Kapla Holding SAS |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,000 | 5661674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/31/30, <br> (3-mo. EURIBOR + 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1132841 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD505 | 493259 |
| &nbsp;&nbsp;&nbsp; La Financiere Atalian SASU, 8.50%, 06/30/28, <br> (3.50 % Cash and 5.00 % PIK)<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,004 | 457443 |
| Loxam SAS |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR900 | 1053976 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,508 | 5362235 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Pachelbel Bidco SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 05/17/31, <br> (3-mo. EURIBOR + 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,116 | $4658737 |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1195396 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance Inc., 6.25%, 01/15/28<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,819 | 4815029 |
| Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,229 | 1427915 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,303 | 3821973 |
| RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,810 | 2675574 |
| &nbsp;&nbsp;&nbsp; 10.88%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,623 | 1539904 |
| Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD2,080 | 1862298 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 | &nbsp;&nbsp;&nbsp; USD1,138 | 1039049 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 | &nbsp;&nbsp;&nbsp; USD236 | 232210 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 | &nbsp;&nbsp;&nbsp; USD559 | 552447 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,094 | 1080040 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD825 | 813657 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,468 | 1488915 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH, <br> 5.38%, 07/15/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,669 | 3103524 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty. Ltd., 4.14%, <br> 04/17/35<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,380 | 2772063 |
| United Rentals North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 | &nbsp;&nbsp;&nbsp; USD4,248 | 3787884 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 | &nbsp;&nbsp;&nbsp; USD50 | 46575 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 | &nbsp;&nbsp;&nbsp; USD60 | 59147 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD916 | 905885 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 | &nbsp;&nbsp;&nbsp; USD1,402 | 1399225 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,417 | 1432284 |
| &nbsp;&nbsp;&nbsp; Varanasi Aurangabad Nh-2 Tollway Pvt Ltd., <br> 5.90%, 02/28/34<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD705 | 709865 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR375 | 440429 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR400 | 474737 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,809 | 1863603 |
| Williams Scotsman Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD449 | 431778 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,977 | 3087837 |
| Worldline SA/France |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/12/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR7,800 | 8632161 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/27/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,800 | 7788922 |
|  |  | 177832388 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, <br> 5.00%, 10/30/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,765 | 8966947 |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,015 | 2049735 |
| Apple Inc., 2.85%, 08/05/61 | &nbsp;&nbsp;&nbsp; USD5,799 | 3473978 |
| Atos SE |  |  |
| &nbsp;&nbsp;&nbsp; 6.08%, 12/18/30<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; EUR2,302 | 2091595 |
| &nbsp;&nbsp;&nbsp; Series ., 9.00%, 12/18/29<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; EUR283 | 345343 |
| &nbsp;&nbsp;&nbsp; Cedacri Mergeco SpA, 7.18%, 05/15/28, <br> (3-mo. EURIBOR + 4.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,927 | 8856580 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,917 | 3383453 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD800 | 860699 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,614 | 2533613 |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD961 | 1027991 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32 | &nbsp;&nbsp;&nbsp; USD1,510 | 1704221 |
| Western Digital Corp., 4.75%, 02/15/26 | &nbsp;&nbsp;&nbsp; USD658 | 653664 |
|  |  | 35947819 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co., 4.13%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,305 | $1219730 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,165 | 4698553 |
| Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD321 | 289799 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD582 | 577156 |
|  |  | 6785238 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| Azelis Finance NV, 4.75%, 09/25/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1150885 |
| &nbsp;&nbsp;&nbsp; H&E Equipment Services Inc., 3.88%, <br> 12/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,642 | 1635039 |
| IMCD NV |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 03/31/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,472 | 6130218 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,090 | 4625570 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/18/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,376 | 2821250 |
|  |  | 16362962 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200267 |
| &nbsp;&nbsp;&nbsp; 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 76182 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/14/33 | &nbsp;&nbsp;&nbsp; USD887 | 880811 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, 6.75%, 11/01/27, <br> (6.75% PIK)<sup>(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; GBP3,326 | 4329531 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD921 | 913142 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD732 | 771195 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,598 | 2549184 |
| Far East Horizon Ltd., 6.00%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD3,715 | 3659275 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,227 | 2240324 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD750 | 733522 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD742 | 750219 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,037 | 3093761 |
| GGAM Finance Ltd., 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,351 | 1387045 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD17,990 | 18580971 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD880 | 905520 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., 3.00%, <br> 09/15/60<br>| &nbsp;&nbsp;&nbsp; USD817 | 488447 |
| Intrum AB |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/27<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; EUR2,882 | 2513954 |
| &nbsp;&nbsp;&nbsp; 9.25%, 03/15/28<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; EUR970 | 883487 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., 7.13%, <br> 04/30/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,321 | 4456343 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,076 | 1931713 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,118 | 2075138 |
| Jefferies GmbH, 3.35%, 07/22/26<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,100 | 4638928 |
| Jerrold Finco PLC, 5.25%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP3,078 | 4045650 |
| Julius Baer Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, (5-year CMT + 4.616%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 966218 |
| &nbsp;&nbsp;&nbsp; 6.63%, (5-year EUR Swap + 3.847%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR4,610 | 5235497 |
| Mastercard Inc., 2.95%, 03/15/51<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD9,094 | 5944011 |
| Muangthai Capital PCL, 6.88%, 09/30/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4421250 |
| Muthoot Finance Ltd., 6.38%, 04/23/29<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,250 | 2172375 |
| Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,137 | 1131680 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,714 | 4708148 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,266 | 1258336 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD624 | 626315 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,341 | 1341587 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,369 | 1420205 |
| OneMain Finance Corp., 7.13%, 11/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 301239 |
| PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD176 | 164308 |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/15/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD738 | 733631 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD69 | $65724 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,649 | 2693837 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD450 | 469171 |
| Power Finance Corp. Ltd., 1.84%, 09/21/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR204 | 217238 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD650 | 604506 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,429 | 2195610 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,375 | 1189400 |
| &nbsp;&nbsp;&nbsp; Titanium 2l Bondco SARL, 6.25%, 01/14/31, <br> (6.75% PIK)<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,697 | 910266 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 408100 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD477 | 474696 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,156 | 3055951 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,732 | 2695353 |
|  |  | 107509261 |
| **Electric — 2.4%** | **Electric — 2.4%** | **Electric — 2.4%** |
| &nbsp;&nbsp;&nbsp; A2A SpA, 5.00%, (5-year EURIBOR ICE Swap <br> + 2.258%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,805 | 4390904 |
| ACEN Finance Ltd., 4.00%, <sup>(c)(h)</sup> | &nbsp;&nbsp;&nbsp; USD1,198 | 772710 |
| AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 03/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 406000 |
| &nbsp;&nbsp;&nbsp; 6.30%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD606 | 615090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.15%, 06/10/55, <br> (5-year CMT + 3.835%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD470 | 480340 |
| AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 07/15/55, (5-year CMT + 2.890%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD452 | 421530 |
| &nbsp;&nbsp;&nbsp; 7.60%, 01/15/55, (5-year CMT + 3.201%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,976 | 1952412 |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, <br> 4.38%, 05/31/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD520 | 454028 |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Series A, 4.30%, <br> 07/15/48<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,121 | 918341 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,338 | 2382684 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,763 | 5489265 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,398 | 4320813 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,146 | 2064217 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,535 | 5482465 |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,622 | 3476876 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4581585 |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt / <br> Co-Issuers, 7.50%, 06/26/33<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,414 | 1416273 |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt./Co-Issuers, <br> 7.50%, 06/26/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD303 | 303417 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,601 | 5238671 |
| Diamond II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.95%, 07/28/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD235 | 234413 |
| &nbsp;&nbsp;&nbsp; 7.95%, 07/28/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4488750 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 06/15/28 | &nbsp;&nbsp;&nbsp; EUR2,359 | 2680011 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 | &nbsp;&nbsp;&nbsp; EUR7,273 | 8358608 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/54, (5-year CMT + 3.658%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 374522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 06/15/53, <br> (5-year CMT + 3.864%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,825 | 1737661 |
| EDP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/20/80, <br> (5-year EUR Swap + 1.840%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR700 | 789030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/14/82, <br> (5-year EUR Swap + 2.080%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,100 | 3185043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/29/54, (5-year EURIBOR ICE <br> Swap + 2.052%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,700 | $5406649 |
| Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, (5-year EUR Swap + 3.970%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR12,200 | 12884142 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/05/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,700 | 7777680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (5-year EURIBOR ICE Swap + <br> 2.943%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2295835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, (5-year EURIBOR ICE Swap + <br> 3.277%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR600 | 693284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, <br> (15-year GBP Swap + 3.322%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,600 | 5984826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, (5-year UK Government Bond + <br> 3.775%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,900 | 3899616 |
| &nbsp;&nbsp;&nbsp; 9.13%, (5-year CMT + 5.411%)<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;&nbsp; USD1,041 | 1164332 |
| Emera Inc., Series 16-A, 6.75%, 06/15/76<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,726 | 1728336 |
| &nbsp;&nbsp;&nbsp; EnBW International Finance BV, 4.30%, <br> 05/23/34<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,220 | 2652930 |
| &nbsp;&nbsp;&nbsp; Enel SpA, 4.25%, , (5-year EURIBOR ICE <br> Swap + 2.009%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,375 | 7196198 |
| &nbsp;&nbsp;&nbsp; Engie SA, 5.13%, (5-year EURIBOR ICE Swap <br> + 2.367%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,400 | 1623506 |
| Eurogrid GmbH, 3.92%, 02/01/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,000 | 4634210 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 | &nbsp;&nbsp;&nbsp; USD65 | 58943 |
| &nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 | &nbsp;&nbsp;&nbsp; USD700 | 613286 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD7,219 | 4752475 |
| &nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 | &nbsp;&nbsp;&nbsp; USD711 | 591897 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,186 | 1228733 |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,431 | 3279854 |
| MVM Energetika Zrt |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 407500 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/09/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,237 | 2333549 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Operating Partners LP, 7.25%, <br> 01/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,295 | 5240379 |
| NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,871 | 1734392 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,269 | 2938087 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,228 | 3212815 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD366 | 365438 |
| &nbsp;&nbsp;&nbsp; NSW Electricity Networks Finance Pty. Ltd., <br> 6.16%, 03/11/55, <br> (3-month BB Swap + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD2,110 | 1340370 |
| Ohio Power Co., Series R, 2.90%, 10/01/51<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,269 | 1966814 |
| Origin Energy Finance Ltd., 1.00%, 09/17/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,554 | 5703582 |
| Orsted A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, (5-year UK Government Bond + <br> 2.136%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP9,918 | 9516763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (5-year EURIBOR ICE Swap + <br> 2.590%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR375 | 425074 |
| PECO Energy Co., 2.85%, 09/15/51 | &nbsp;&nbsp;&nbsp; USD401 | 245901 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara, 1.88%, <br> 11/05/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,500 | 4385712 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD277 | 266884 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/55, (5-year CMT + 3.883%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,645 | 4509320 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD755 | 741472 |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 28325 |
| &nbsp;&nbsp;&nbsp; San Miguel Global Power Holdings Corp., <br> 8.13%, , (1-year CMT + 6.404%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,800 | 4582512 |
| Saudi Electricity Sukuk Programme Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.94%, 02/13/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201104 |
| &nbsp;&nbsp;&nbsp; 5.23%, 02/18/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD694 | 700940 |
| &nbsp;&nbsp;&nbsp; 5.68%, 04/11/53<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 586128 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD508 | $469900 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD560 | 598061 |
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale, 4.75%, <br> (5-year EURIBOR ICE Swap + <br> 2.142%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,505 | 7507365 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD498 | 493664 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD425 | 423828 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,238 | 2236553 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,666 | 1725608 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,336 | 3527426 |
|  |  | 203897857 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Belden Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 112333 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 112625 |
| Energizer Holdings Inc., 4.75%, 06/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD54 | 52027 |
| WESCO Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,256 | 2285806 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101161 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,696 | 1725207 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD299 | 302972 |
|  |  | 4692131 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/10/32 | &nbsp;&nbsp;&nbsp; EUR5,000 | 4785181 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/17/32 | &nbsp;&nbsp;&nbsp; EUR3,362 | 3910784 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,013 | 2877037 |
| Sensata Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,186 | 1910835 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,060 | 1899568 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,401 | 1388000 |
|  |  | 16771405 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/27/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD510 | 490875 |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/27/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,360 | 4196500 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD3,555 | 3443906 |
| SK Battery America Inc., 2.13%, 01/26/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD409 | 396579 |
|  |  | 8527860 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| &nbsp;&nbsp;&nbsp; Aeropuerto Internacional de Tocumen SA, <br> 5.13%, 08/11/61<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD206 | 138921 |
| Arcosa Inc., 6.88%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,145 | 1166744 |
| &nbsp;&nbsp;&nbsp; ASG Finance Designated Activity Co., 9.75%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD348 | 327120 |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,176 | 3966890 |
| &nbsp;&nbsp;&nbsp; Gatwick Airport Finance PLC, 4.38%, <br> 04/07/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP7,292 | 9537638 |
| Heathrow Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; GBP1,391 | 1671213 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; GBP6,391 | 8110920 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP7,030 | 9103406 |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD501 | 473774 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., <br> 4.88%, 09/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | 28059 |
|  |  | 34524685 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing U.K. PLC, <br> 7.25%, 04/30/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR10,065 | 12000753 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SASU, 7.00%, <br> 05/01/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,496 | 5297028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD6,457 | $5960801 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,001 | 2829174 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,541 | 2601078 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,159 | 1162484 |
| &nbsp;&nbsp;&nbsp; Cedar Fair LP/Canada's Wonderland <br> Co./Magnum Management <br> Corp./Millennium Op<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/29 | &nbsp;&nbsp;&nbsp; USD1,721 | 1636173 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 | &nbsp;&nbsp;&nbsp; USD850 | 845863 |
| Churchill Downs Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 96905 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD805 | 797208 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,782 | 1742761 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,015 | 2035104 |
| Cinemark USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD941 | 923983 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,924 | 2990006 |
| Cirsa Finance International SARL |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,991 | 5883046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 07/31/28, <br> (3-mo. EURIBOR + 4.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR216 | 245210 |
| &nbsp;&nbsp;&nbsp; 10.38%, 11/30/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR270 | 321206 |
| &nbsp;&nbsp;&nbsp; Inter Media & Communication SpA, 6.75%, <br> 02/09/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,928 | 9070888 |
| &nbsp;&nbsp;&nbsp; International Game Technology PLC, 4.13%, <br> 04/15/26<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,156 | 3115273 |
| Light & Wonder International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,485 | 1485336 |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD561 | 571941 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,340 | 4459223 |
| Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD609 | 582167 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,511 | 4415393 |
| Lottomatica Group SpA, 4.88%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,310 | 3780605 |
| Lottomatica SpA/Roma |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,734 | 2030672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 06/01/31, <br> (3-mo. EURIBOR + 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,192 | 1350364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 12/15/30, <br> (3-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR542 | 614003 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,200 | 3199483 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,158 | 3472974 |
| Pinewood Finco PLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,400 | 1777310 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/27/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP7,558 | 10020376 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV <br> Capital Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/16/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 861250 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/16/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,000 | 1722500 |
| Six Flags Entertainment Corp./DE |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD570 | 563828 |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,163 | 4220167 |
| WMG Acquisition Corp., 3.00%, 02/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD173 | 154270 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,598 | 2504823 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD531 | 513276 |
|  |  | 107854905 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Ambipar Lux SARL, 10.88%, 02/05/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD205 | 200264 |
| Clean Harbors Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,220 | 1201528 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD891 | 907573 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,029 | $1936581 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,179 | 1143893 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,005 | 1044698 |
| Paprec Holding SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/17/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR170 | 201732 |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/17/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,890 | 8225096 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,582 | 2412564 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,939 | 1990438 |
|  |  | 19264367 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| &nbsp;&nbsp;&nbsp; Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,897 | 1861705 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,057 | 1918590 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,519 | 1467426 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD156 | 155882 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,851 | 1880470 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP9,567 | 11902982 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP3,471 | 4386511 |
| Cencosud SA, 4.38%, 07/17/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 395000 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., <br> 7.63%, 07/01/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,363 | 9806769 |
| Food Service Project SA, 5.50%, 01/21/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,021 | 9086594 |
| &nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT, 4.75%, <br> 06/09/51<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,048 | 1635840 |
| &nbsp;&nbsp;&nbsp; Irca SpA/Gallarate, 6.25%, 12/15/29, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,829 | 5443183 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,402 | 2457248 |
| Kraft Heinz Foods Co., 4.88%, 10/01/49 | &nbsp;&nbsp;&nbsp; USD287 | 245370 |
| Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,945 | 3614085 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,645 | 2607395 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, 5.95%, 07/01/29, <br> (3-mo. EURIBOR + 3.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,481 | 7323649 |
| Market Bidco Finco PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/04/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR9,791 | 10679959 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/04/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP2,100 | 2665735 |
| Mars Inc., 5.70%, 05/01/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 492831 |
| Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,852 | 1752832 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,638 | 2616376 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,830 | 1830544 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 | &nbsp;&nbsp;&nbsp; USD165 | 146408 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34 | &nbsp;&nbsp;&nbsp; USD156 | 169056 |
| Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,214 | 1104787 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD961 | 905843 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,395 | 2350700 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,135 | 1143795 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,666 | 2643869 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,010 | 1987404 |
| &nbsp;&nbsp;&nbsp; Premier Foods Finance PLC, 3.50%, <br> 10/15/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,028 | 1344453 |
| U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,913 | 1857986 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,086 | 2138187 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD610 | 638127 |
|  |  | 102657591 |
| **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** |
| Ahlstrom Holding 3 OY |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/04/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR847 | 922750 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/04/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD8,689 | 8102729 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| Fiber Bidco SpA |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR11,044 | $12120226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 01/15/30, <br> (3-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,514 | 2801405 |
| Glatfelter Corp., 4.75%, 11/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,801 | 3312210 |
| &nbsp;&nbsp;&nbsp; LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD320 | 327760 |
| Magnera Corp., 7.25%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,705 | 1612299 |
| Mercer International Inc., 5.13%, 02/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,819 | 3141302 |
| &nbsp;&nbsp;&nbsp; Sappi Papier Holding GmbH, 4.50%, <br> 03/15/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,376 | 1533861 |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD690 | 670680 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD682 | 694191 |
| WEPA Hygieneprodukte GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1111711 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3516617 |
|  |  | 39867741 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,714 | 2593867 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 | &nbsp;&nbsp;&nbsp; USD260 | 256844 |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,709 | 1698438 |
| &nbsp;&nbsp;&nbsp; Centrica PLC, 6.50%, 05/21/55, (5-year UK <br> Government Bond + 2.512%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,418 | 5903180 |
| NiSource Inc., 5.85%, 04/01/55 | &nbsp;&nbsp;&nbsp; USD112 | 109734 |
| &nbsp;&nbsp;&nbsp; Promigas SA ESP/Gases del Pacifico SAC, <br> 3.75%, 10/16/29<sup>(c)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD819 | 758599 |
|  |  | 11320662 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,091 | 1243913 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, <br> 6.03%, 04/15/29, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,500 | 3957697 |
|  |  | 5201610 |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
| Avantor Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 461595 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,437 | 3305372 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD8,553 | 8884856 |
| Hologic Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD897 | 837657 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,043 | 2993061 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,984 | 5581990 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD9,121 | 8661645 |
| Solventum Corp., 5.90%, 04/30/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,017 | 982004 |
| Teleflex Inc., 4.25%, 06/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,931 | 5678751 |
|  |  | 37386931 |
| **Health Care - Services — 0.7%** | **Health Care - Services — 0.7%** | **Health Care - Services — 0.7%** |
| Acadia Healthcare Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,373 | 3188702 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 97900 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,300 | 1298870 |
| Charles River Laboratories International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,002 | 917279 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,949 | 2593035 |
| Encompass Health Corp., 4.75%, 02/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,663 | 3559206 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR10,142 | 12111634 |
| HCA Inc., 5.95%, 09/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,354 | 2227286 |
| IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,760 | 3735539 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,248 | 2230076 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,662 | 1688639 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Molina Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,965 | $2612808 |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD329 | 316239 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,438 | 2466819 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 | &nbsp;&nbsp;&nbsp; USD3,067 | 2920908 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD2,960 | 2805194 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD3,355 | 3267313 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD10,197 | 10172612 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 | &nbsp;&nbsp;&nbsp; USD3,642 | 3654488 |
|  |  | 61864547 |
| **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp; Magellan Capital Holdings PLC, 8.38%, <br> 07/08/29, (1-year CMT + 4.233%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD627 | 638910 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 190800 |
| ProGroup AG |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,232 | 3578370 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,917 | 6469206 |
| &nbsp;&nbsp;&nbsp; San Miguel Corp., 5.50%, <br> (5-year CMT + 10.237%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,290 | 1277100 |
| Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11,263 | 11117497 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD3,831 | 3781508 |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,129 | 7172950 |
| &nbsp;&nbsp;&nbsp; Turkiye Varlik Fonu Yonetimi AS, 8.25%, <br> 02/14/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 254922 |
| TVF Varlik Kiralama AS, 6.95%, 01/23/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD672 | 663600 |
|  |  | 35144863 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 04/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD648 | 594042 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD820 | 713851 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,769 | 1734465 |
| Century Communities Inc., 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD447 | 398721 |
| LGI Homes Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,604 | 2402190 |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD274 | 276687 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,645 | 1504837 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., 5.88%, <br> 06/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,157 | 2167533 |
|  |  | 9792326 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| LG Electronics Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/24/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD707 | 719500 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/24/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 206046 |
| Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD808 | 709268 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 142048 |
|  |  | 1776862 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Central Garden & Pet Co., 4.13%, 04/30/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,551 | 2295955 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR533 | 613621 |
|  |  | 2909576 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 | &nbsp;&nbsp;&nbsp; USD392 | 382126 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/30 | &nbsp;&nbsp;&nbsp; USD1,224 | 1114200 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 | &nbsp;&nbsp;&nbsp; USD693 | 650083 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,525 | 2263612 |
| Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,168 | 1898737 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD843 | 734459 |
|  |  | 7043217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,906 | $2715712 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,812 | 4902037 |
| AIA Group Ltd., 5.40%, 09/30/54<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4127355 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD222 | 214212 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD687 | 663189 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD927 | 925099 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,954 | 3925573 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,467 | 4499162 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD189 | 191816 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD409 | 413320 |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, 3.90%, <br> 02/28/52<br>| &nbsp;&nbsp;&nbsp; USD963 | 703554 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR11,643 | 13346243 |
| Arthur J Gallagher & Co., 5.55%, 02/15/55 | &nbsp;&nbsp;&nbsp; USD1,035 | 974926 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/51, <br> (5-year CMT + 3.796%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD299 | 284157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 10/15/54, <br> (5-year CMT + 3.608%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,964 | 1994479 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,600 | 2670247 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,168 | 3094746 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,249 | 5444488 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,694 | 2775472 |
| &nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd., 5.80%, <br> 06/15/37, (3-month BB Swap + 1.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD1,940 | 1207748 |
| Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51, <br> (5-year CMT + 3.315%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD376 | 355087 |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/01/61<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD410 | 255423 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,252 | 6405143 |
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC, 8.50%, <br> (5-year CMT + 4.189%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,520 | 1547982 |
| Ryan Specialty LLC, 5.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD647 | 639050 |
| &nbsp;&nbsp;&nbsp; Tongyang Life Insurance Co. Ltd., 6.25%, <br> 05/07/35, (5-year CMT + 6.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4489923 |
| &nbsp;&nbsp;&nbsp; UnipolSai Assicurazioni SpA, 4.90%, <br> 05/23/34<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,200 | 6045457 |
|  |  | 74811600 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Alphabet Inc., 4.00%, 05/06/54 | &nbsp;&nbsp;&nbsp; EUR4,820 | 5424793 |
| Amazon.com Inc., 2.70%, 06/03/60 | &nbsp;&nbsp;&nbsp; USD3,818 | 2174584 |
| Booking Holdings Inc., 3.63%, 11/12/28 | &nbsp;&nbsp;&nbsp; EUR3,730 | 4338777 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, <br> 11.13%, 05/15/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,865 | 4621691 |
| Gen Digital Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD974 | 971372 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,539 | 3597018 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,001 | 2060274 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co. <br> Inc., 5.25%, 12/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD188 | 186344 |
| iliad SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,600 | 3099751 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,600 | 4328055 |
| ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,928 | 6232765 |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,855 | 2764905 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,659 | 2279997 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD629 | 568788 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,045 | 1005612 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD366 | $360029 |
| Meta Platforms Inc., 5.40%, 08/15/54 | &nbsp;&nbsp;&nbsp; USD3,490 | 3358103 |
| Netflix Inc., 5.40%, 08/15/54 | &nbsp;&nbsp;&nbsp; USD679 | 658802 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp; 3.06%, 07/13/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD995 | 854088 |
| &nbsp;&nbsp;&nbsp; 3.26%, 01/19/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 194937 |
| Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, , <br> (5-year EUR Swap + 4.490%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR853 | 886600 |
| &nbsp;&nbsp;&nbsp; 8.13%, , (5-year CMT + 4.250%)<sup>(a)(b)(f)(h)</sup> | &nbsp;&nbsp;&nbsp; USD5,616 | 5282417 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,741 | 5000854 |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD409 | 437105 |
| Snap Inc., 6.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,089 | 3085094 |
| United Group BV |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/31/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,637 | 1891566 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,069 | 1240522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81%, 02/15/31, <br> (3-mo. EURIBOR + 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,498 | 2815711 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,320 | 3945872 |
|  |  | 73666426 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| ArcelorMittal SA, 3.13%, 12/13/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3394847 |
| ATI Inc., 7.25%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD2,432 | 2529351 |
| Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 577764 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD626 | 606299 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,169 | 3916716 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,287 | 1209863 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD292 | 282577 |
| CSN Inova Ventures, 6.75%, 01/28/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 186300 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,763 | 2624083 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD860 | 781227 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD837 | 791562 |
| POSCO, 5.75%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 205200 |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/30/31, (9.05 % PIK)<sup>(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD847 | 794478 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/30/31, (9.00% PIK)<sup>(a)(f)(g)</sup> | &nbsp;&nbsp;&nbsp; USD92 | 85805 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp;&nbsp; USD364 | 350157 |
|  |  | 18336229 |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP11,049 | 14540948 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,285 | 1279006 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,341 | 3262284 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,464 | 1510911 |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,568 | 1642036 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD647 | 642305 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP8,738 | 12354561 |
| Sabre GLBL Inc., 8.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1 | 958 |
| TUI Cruises GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,441 | 3898152 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1173956 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR433 | 489764 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,590 | 1586773 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,254 | 4548356 |
|  |  | 46930010 |
| **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
| Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 | &nbsp;&nbsp;&nbsp; USD721 | 706197 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,231 | 2079928 |
| Fortune Star BVI Ltd., 3.95%, 10/02/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,700 | 7208089 |
| &nbsp;&nbsp;&nbsp; Grupo Posadas SAB de CV, 8.00%, <br> 12/30/27<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD462 | 419486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,549 | $3139389 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD597 | 597000 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,617 | 2618791 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,541 | 2574805 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD348 | 302832 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,754 | 2546310 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/04/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD351 | 315865 |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 288000 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 | &nbsp;&nbsp;&nbsp; USD2,237 | 2218342 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | &nbsp;&nbsp;&nbsp; USD628 | 605545 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/29 | &nbsp;&nbsp;&nbsp; USD880 | 876018 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD826 | 813948 |
| Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 01/08/26 | &nbsp;&nbsp;&nbsp; USD200 | 197500 |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/18/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4154040 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/08/28 | &nbsp;&nbsp;&nbsp; USD200 | 196760 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD820 | 791206 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,844 | 2827504 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,211 | 1939224 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD278 | 260558 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,105 | 3126735 |
| Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD232 | 212860 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 994690 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD770 | 744975 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4283730 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,953 | 4714959 |
|  |  | 51755286 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD263 | 272859 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,827 | 3884902 |
| &nbsp;&nbsp;&nbsp; Nova Alexandre III SAS, 7.53%, 07/15/29, <br> (3-mo. EURIBOR + 5.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,309 | 2640392 |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD385 | 368244 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD971 | 929289 |
| TK Elevator Holdco GmbH, 6.63%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,509 | 2842776 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR909 | 1026977 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco Inc., 5.25%, <br> 07/15/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,663 | 7545735 |
|  |  | 19511174 |
| **Manufacturing — 0.0%** | **Manufacturing — 0.0%** | **Manufacturing — 0.0%** |
| Axon Enterprise Inc., 6.13%, 03/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,701 | 1730604 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 325004 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | &nbsp;&nbsp;&nbsp; USD3,604 | 3202077 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD9,938 | 8646729 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,439 | 3246537 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,285 | 4782714 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,948 | 6852956 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 391275 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,252 | 5299053 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,944 | 5092073 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.95%, 06/30/62<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,596 | $2744541 |
| Comcast Corp., 2.94%, 11/01/56 | &nbsp;&nbsp;&nbsp; USD17,970 | 10431472 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,357 | 4472382 |
| iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,748 | 2671817 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD238 | 183781 |
| McGraw-Hill Education Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,391 | 3321852 |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,706 | 1743122 |
| Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,675 | 2518950 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,565 | 1550369 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/28/57<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,213 | 3888515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62, <br> (5-year CMT + 3.999%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD662 | 636795 |
| RCS & RDS SA, 3.25%, 02/05/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,500 | 2779024 |
| Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,681 | 1622147 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD393 | 389015 |
| Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,204 | 2144694 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,939 | 3380015 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,038 | 976475 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,270 | 4715341 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,381 | 1364394 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11,758 | 10782086 |
| TEGNA Inc., 5.00%, 09/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,806 | 2613721 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, 10.00%, 01/01/29, <br> (10.00% PIK)<sup>(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,665 | 6935916 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, <br> 5.50%, 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD10,600 | 10334534 |
| Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,081 | 4357040 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,588 | 3471693 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD565 | 514627 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD885 | 835685 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V <br> DAC, 7.88%, 03/15/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP7,548 | 9808932 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP3,300 | 3883418 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,500 | 1795948 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,374 | 2134029 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP970 | 1223882 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, <br> 4.88%, 07/15/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,687 | 3364318 |
| VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,180 | 3278214 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,304 | 4628514 |
| Ziggo Bond Co. BV, 6.13%, 11/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,392 | 3639930 |
| Ziggo BV |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,953 | 5128860 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,016 | 1856017 |
|  |  | 169960483 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV, 7.13%, <br> 03/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,065 | 1097227 |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, 3.75%, <br> 06/15/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,500 | 5215912 |
| &nbsp;&nbsp;&nbsp; AngloGold Ashanti Holdings PLC, 3.75%, <br> 10/01/30<br>| &nbsp;&nbsp;&nbsp; USD200 | 185222 |
| Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD604 | 555041 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR9,921 | 11078854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, 3.15%, <br> 01/14/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,081 | $990801 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD481 | 435320 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,742 | 1699275 |
| &nbsp;&nbsp;&nbsp; FMG Resources August Pty. Ltd., 5.88%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,992 | 3946730 |
| Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp; 4.76%, 04/14/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 996370 |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/14/52<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4341105 |
| &nbsp;&nbsp;&nbsp; Glencore Capital Finance DAC, 4.15%, <br> 04/29/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR9,143 | 10688880 |
| &nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV, 4.15%, <br> 09/12/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD436 | 414697 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 539174 |
| Navoi Mining & Metallurgical Combinat |  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD235 | 238731 |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/17/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD933 | 947811 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD297 | 298776 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,113 | 2049230 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,009 | 1733931 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,325 | 1229097 |
| Novelis Inc., 6.88%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD204 | 206939 |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/16/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 191250 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 167594 |
| Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.48%, 07/24/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD513 | 472283 |
| &nbsp;&nbsp;&nbsp; 9.85%, 04/24/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD227 | 204300 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD382 | 369031 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,900 | 4733645 |
| Volcan Cia Minera SAA |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/24/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD583 | 548931 |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/24/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD373 | 351203 |
|  |  | 55927360 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | 27794 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD6,763 | 4332478 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,305 | 781362 |
|  |  | 5141634 |
| **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** |
| 3R Lux SARL, 9.75%, 02/05/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 196500 |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,123 | 2131583 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,260 | 1222623 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD673 | 665940 |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD588 | 594042 |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD306 | 292995 |
| Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD593 | 511264 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,283 | 1192207 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, 3.25%, <br> (5-year EUR Swap + 3.520%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,600 | 7448962 |
| Civitas Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,761 | 1709893 |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD650 | 638587 |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,464 | 2342101 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,047 | 3045281 |
| Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD866 | 783948 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,940 | 3740716 |
| Coterra Energy Inc., 5.90%, 02/15/55 | &nbsp;&nbsp;&nbsp; USD2,378 | 2162208 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,442 | $2161212 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,559 | 1575611 |
| CVR Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD921 | 840530 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 459448 |
| Ecopetrol SA, 8.88%, 01/13/33 | &nbsp;&nbsp;&nbsp; USD538 | 538328 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo, 5.95%, <br> 07/30/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 403000 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, <br> 8.50%, 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD939 | 939669 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/19/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,912 | 7005493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, , <br> (5-year EUR Swap + 2.083%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,725 | 5257173 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD669 | 648927 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD327 | 315802 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD538 | 578497 |
| Expand Energy Corp., 5.88%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | 20920 |
| Gran Tierra Energy Inc., 9.50%, 10/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 469500 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD707 | 661965 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD584 | 524184 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,115 | 1078941 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,755 | 3191022 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD946 | 824176 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD289 | 272787 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,230 | 1184758 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD787 | 782625 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD310 | 239829 |
| Medco Maple Tree Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.96%, 04/27/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 255157 |
| &nbsp;&nbsp;&nbsp; 8.96%, 04/27/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,500 | 4592835 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,854 | 1766431 |
| Northern Oil & Gas Inc., 8.75%, 06/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,766 | 1696649 |
| ORLEN SA, 6.00%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD285 | 287137 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD375 | 353539 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 57415 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,558 | 1544562 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,394 | 3378368 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD566 | 499382 |
| &nbsp;&nbsp;&nbsp; 9.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,721 | 2395015 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,525 | 1489256 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD972 | 978503 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD399 | 294013 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD586 | 484270 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 | &nbsp;&nbsp;&nbsp; USD542 | 528667 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 | &nbsp;&nbsp;&nbsp; USD595 | 509558 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/16/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,262 | 1256952 |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/28/60 | &nbsp;&nbsp;&nbsp; USD282 | 187530 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/20/26 | &nbsp;&nbsp;&nbsp; USD10,281 | 10075380 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,791 | 1757767 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/07/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD405 | 404048 |
| &nbsp;&nbsp;&nbsp; Petron Corp., 5.95%, <br> (5-year CMT + 7.574%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,094 | 2048979 |
| &nbsp;&nbsp;&nbsp; Petrorio Luxembourg Holding SARL, 6.13%, <br> 06/09/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200175 |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD546 | 555964 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,436 | $4062506 |
| &nbsp;&nbsp;&nbsp; Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,960 | 1945908 |
| Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 03/05/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD345 | 341809 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/25/37<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD310 | 303738 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/05/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 189000 |
| &nbsp;&nbsp;&nbsp; SierraCol Energy Andina LLC, 6.00%, <br> 06/15/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD610 | 560590 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 | &nbsp;&nbsp;&nbsp; USD1,301 | 1247055 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 | &nbsp;&nbsp;&nbsp; USD1,904 | 1886579 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD425 | 396792 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,703 | 1569951 |
| Sunoco LP, 7.25%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,010 | 3121415 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 | &nbsp;&nbsp;&nbsp; USD1,030 | 975847 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 | &nbsp;&nbsp;&nbsp; USD181 | 170333 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD1,058 | 1052910 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,363 | 1358510 |
| Talos Production Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,359 | 1302791 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,666 | 1566417 |
| Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,986 | 1844876 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,298 | 2659015 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,564 | 1209033 |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance PLC, 12.50%, <br> 11/30/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD757 | 716546 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,624 | 2458658 |
| &nbsp;&nbsp;&nbsp; Var Energi ASA, 7.86%, 11/15/83, (5-year <br> EURIBOR ICE Swap + 4.765%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,100 | 6272239 |
| Vital Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,432 | 1112511 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/30 | &nbsp;&nbsp;&nbsp; USD1,442 | 1221618 |
| Wintershall Dea Finance 2 BV, 6.18%<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,388 | 9502255 |
| Wintershall Dea Finance BV |  |  |
| &nbsp;&nbsp;&nbsp; 1.33%, 09/25/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR7,600 | 8034745 |
| &nbsp;&nbsp;&nbsp; 3.83%, 10/03/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,900 | 5551190 |
| &nbsp;&nbsp;&nbsp; 4.36%, 10/03/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,591 | 9551667 |
|  |  | 168437303 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD260 | 259557 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD936 | 930734 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3436806 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA <br> Compression Finance Corp., 7.13%, <br> 03/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,212 | 5262510 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,499 | 2477024 |
|  |  | 12366631 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 2.00%, 09/01/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,146 | 2238044 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc., 2.13%, 08/15/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,049 | 5068853 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,894 | 2527802 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD950 | 969377 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD1,206 | 1235221 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 50367 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD677 | 692234 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD224 | $227594 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,413 | 3516492 |
| Crown Americas LLC, 5.25%, 04/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD555 | 553757 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital <br> Corp. VI, 4.75%, 02/01/26<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,463 | 1454504 |
| &nbsp;&nbsp;&nbsp; Fiber Midco SpA, 10.75%, 06/15/29, <br> (6.25% PIK)<sup>(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR900 | 936058 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD518 | 488810 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,380 | 3396634 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,533 | 3611891 |
| LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,910 | 2406564 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,433 | 1171478 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., <br> 9.25%, 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,547 | 6924490 |
| OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,000 | 3428377 |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,200 | 1393841 |
| Owens-Brockway Glass Container Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/13/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD878 | 875788 |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,329 | 3305853 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,401 | 1362360 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,113 | 1132067 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,096 | 1104093 |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,362 | 4319149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 08/15/26, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR300 | 336881 |
|  |  | 54728579 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Bayer AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/82, <br> (5-year EUR Swap + 4.458%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,200 | 1335631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/54, (5-year EURIBOR ICE <br> Swap + 3.269%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,200 | 7076351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/25/83, <br> (5-year EUR Swap + 3.432%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,800 | 4525455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/25/83, <br> (5-year EUR Swap + 3.896%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,300 | 5126998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N5.5, 4.50%, 03/25/82, <br> (5-year EUR Swap + 3.751%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,300 | 3701023 |
| Bayer Capital Corp. BV, 1.50%, 06/26/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR11,700 | 13074529 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54, (5-year CMT + 2.516%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD441 | 438030 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55, (5-year CMT + 2.886%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,032 | 5090112 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,186 | 4352331 |
| Grifols SA, 7.13%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,500 | 1751860 |
| Gruenenthal GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,154 | 1281216 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,594 | 5469506 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,692 | 3503790 |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%, 10/23/30, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,712 | 3061538 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/21/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,027 | 7102709 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/21/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR66 | 76239 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD8,951 | 7513032 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/30/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,173 | 3419750 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD590 | 543400 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Rossini SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 12/31/29, <br> (3-mo. EURIBOR + 3.875%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR825 | $935517 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,868 | 2201785 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> II BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/09/30 | &nbsp;&nbsp;&nbsp; EUR6,027 | 6888593 |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/31 | &nbsp;&nbsp;&nbsp; EUR3,964 | 5315771 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 | &nbsp;&nbsp;&nbsp; USD10,118 | 9760126 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,167 | 2211369 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/31 | &nbsp;&nbsp;&nbsp; USD200 | 219000 |
|  |  | 105975661 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD163 | 159073 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,578 | 2568701 |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD135 | 136396 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.25%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,738 | 3832852 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 | &nbsp;&nbsp;&nbsp; USD1,355 | 1320959 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD808 | 822145 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,352 | 1377469 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,057 | 3893227 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 8.63%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,560 | 1601438 |
| DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD106 | 99484 |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD334 | 307627 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/54, <br> (5-year CMT + 2.829%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/54, <br> (5-year CMT + 4.020%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,717 | 1782143 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,048 | 3102925 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD508 | 511495 |
| &nbsp;&nbsp;&nbsp; 6.10%, 08/23/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD511 | 505315 |
| Harvest Midstream I LP, 7.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,314 | 3354408 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD893 | 874234 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD644 | 628810 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, <br> 7.38%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD668 | 683757 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,647 | 1503809 |
| Kinetik Holdings LP, 5.88%, 06/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,925 | 2857871 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, 02/15/32<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,685 | 2447993 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 | &nbsp;&nbsp;&nbsp; USD2,255 | 2247552 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD196 | 198999 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD701 | 670098 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/01/55, <br> (5-year CMT + 3.667%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,528 | 1501903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/55, <br> (5-year CMT + 3.949%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,898 | 1896106 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD760 | $738898 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,353 | 1335561 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 372457 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD700 | 697451 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,446 | 1219626 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,773 | 3774038 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,555 | 1424108 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD659 | 592015 |
| Venture Global LNG Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,213 | 4910645 |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,490 | 1479680 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,906 | 4730934 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,697 | 4867186 |
|  |  | 67277630 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, 8.25%, <br> 12/31/28, (4.13% PIK)<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR7,201 | 8361949 |
| Adler Real Estate GmbH, 3.00%, 04/27/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR9,100 | 10063144 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD547 | 550419 |
| &nbsp;&nbsp;&nbsp; Aroundtown Finance SARL, 7.13%, (5-year <br> EURIBOR ICE Swap + 4.508%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,942 | 7790442 |
| &nbsp;&nbsp;&nbsp; Central Plaza Development Ltd., 6.80%, <br> 04/07/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD870 | 856156 |
| &nbsp;&nbsp;&nbsp; Citycon OYJ, 3.63%, (5-year EURIBOR ICE <br> Swap + 4.179%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,495 | 2609898 |
| Citycon Treasury BV |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/08/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR174 | 189727 |
| &nbsp;&nbsp;&nbsp; 1.63%, 03/12/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,140 | 2216186 |
| &nbsp;&nbsp;&nbsp; 2.38%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,335 | 1468346 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,350 | 2664137 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,075 | 3497749 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 6.75%, 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,785 | 1793327 |
| Elect Global Investments Ltd., 4.85%<sup>(c)(h)</sup> | &nbsp;&nbsp;&nbsp; USD1,067 | 678735 |
| Heimstaden Bostad AB |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/21/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR400 | 444304 |
| &nbsp;&nbsp;&nbsp; 2.63%, (5-year EUR Swap + 3.149%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR550 | 572948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, , <br> (5-year EUR Swap + 3.904%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1073229 |
| Heimstaden Bostad Treasury BV |  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/24/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR600 | 673076 |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/03/27 | &nbsp;&nbsp;&nbsp; EUR961 | 1042619 |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,560 | 1429010 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,089 | 965681 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,062 | 2950197 |
| &nbsp;&nbsp;&nbsp; MAF Global Securities Ltd., 6.38%, <br> (5-year CMT + 3.539%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 199812 |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC (The), Series N, <br> 6.46%, 03/30/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,157 | 5785235 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, 8.00%, 08/31/28, <br> (6.50 % Cash and 1.40 % PIK)<sup>(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,620 | 2855627 |
|  |  | 60731953 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| alstria office REIT-AG, 5.50%, 03/20/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,500 | 4893965 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.40%, 02/15/27 | &nbsp;&nbsp;&nbsp; EUR3,000 | 3267972 |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/21/29 | &nbsp;&nbsp;&nbsp; EUR5,390 | 5614343 |
| &nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 | &nbsp;&nbsp;&nbsp; USD9,785 | 6270186 |
| Equinix Inc., 2.95%, 09/15/51 | &nbsp;&nbsp;&nbsp; USD4,184 | 2508090 |
| Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,590 | 2399431 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD309 | 297591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,843 | $2779910 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD6 | 5819 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,928 | 3920815 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,738 | 3839315 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp., 7.00%, 02/15/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2299415 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,959 | 1833953 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,952 | 3856599 |
| Prologis LP, 2.13%, 10/15/50 | &nbsp;&nbsp;&nbsp; USD3,541 | 1843549 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., <br> 7.25%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD563 | 578594 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 180757 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,460 | 3205601 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 | &nbsp;&nbsp;&nbsp; USD5,995 | 5864893 |
| &nbsp;&nbsp;&nbsp; Scentre Group Trust 1, 6.13%, 03/31/55, <br> (Update Replacements.xls: BBSW3M + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD1,600 | 1008943 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD5,964 | 4445990 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 | &nbsp;&nbsp;&nbsp; USD246 | 238170 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 237613 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,143 | 897054 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | &nbsp;&nbsp;&nbsp; USD252 | 240061 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD922 | 901633 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,092 | 1055107 |
| Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,354 | 1321710 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD241 | 236411 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 141352 |
| Trust Fibra Uno, 4.87%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 203342 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,390 | 2287390 |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,221 | 4481794 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 | &nbsp;&nbsp;&nbsp; USD7,297 | 6534761 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,295 | 2198518 |
|  |  | 81890647 |
| **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD766 | 716041 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD8,847 | 8051057 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,996 | 3868510 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD117 | 116613 |
| Advance Auto Parts Inc., 3.90%, 04/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,848 | 1662389 |
| Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,018 | 1887224 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,130 | 1941134 |
| Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/28 | &nbsp;&nbsp;&nbsp; USD156 | 155086 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,145 | 1165159 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD506 | 515924 |
| Bertrand Franchise Finance SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 07/18/30, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,000 | 5643720 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/18/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,688 | 1985873 |
| Bubbles Holdco SPA |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,804 | 2041961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 09/30/31, <br> (3-mo. EURIBOR + 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,998 | 5630846 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP11,218 | 15249406 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, 6.40%, 07/15/31, <br> (3-mo. EURIBOR + 4.125%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,317 | 2624059 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,697 | $1649941 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,430 | 2978789 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc., 6.75%, <br> 01/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,309 | 4644886 |
| FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD673 | 652562 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD171 | 168128 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102312 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,685 | 4206009 |
| Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,252 | 2036119 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD715 | 612559 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,507 | 1207167 |
| &nbsp;&nbsp;&nbsp; 11.50%, 08/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,915 | 1838400 |
| Goldstory SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%, 02/01/30, <br> (3-mo. EURIBOR + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,916 | 5569093 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,452 | 7482744 |
| Group 1 Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD435 | 413543 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,505 | 1520377 |
| Home Depot Inc. (The), 2.75%, 09/15/51 | &nbsp;&nbsp;&nbsp; USD6,988 | 4233297 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,097 | 3590128 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,089 | 1974885 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD308 | 322134 |
| Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,488 | 1381611 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,772 | 1720574 |
| Lowe's Companies Inc., 3.00%, 10/15/50<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,242 | 1978220 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD678 | 642955 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,275 | 1148006 |
| Murphy Oil USA Inc., 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 90130 |
| &nbsp;&nbsp;&nbsp; PetSmart Inc./PetSmart Finance Corp., 7.75%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,413 | 5972912 |
| Sonic Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 93801 |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,615 | 1474441 |
| Stonegate Pub Co. Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.18%, 07/31/29, <br> (3-mo. EURIBOR + 6.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,000 | 4581021 |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,000 | 1366018 |
| Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 | &nbsp;&nbsp;&nbsp; USD1,309 | 1180624 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,596 | 2519554 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD154 | 151334 |
|  |  | 122759276 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, (5-year UK Government Bond + <br> 5.625%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,306 | 2972652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, (5-year UK Government Bond + <br> 3.852%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP5,225 | 6820139 |
|  |  | 9792791 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Analog Devices Inc., 2.95%, 10/01/51 | &nbsp;&nbsp;&nbsp; USD435 | 277130 |
| Entegris Inc., 5.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,347 | 2342105 |
| SK Hynix Inc., 6.25%, 01/17/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 403820 |
|  |  | 3023055 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| &nbsp;&nbsp;&nbsp; Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,167 | $3573390 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD418 | 370092 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11,011 | 11014951 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD7,104 | 7410310 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,050 | 3072661 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Pte. Ltd., 12.85%, <br> 09/11/27<sup>(f)(k)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,715 | 1689666 |
| Fair Isaac Corp., 5.25%, 05/15/26<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,674 | 3664317 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings Inc./ION Corporate <br> Solutions Finance SARL, 7.88%, 05/01/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR13,014 | 14703111 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,010 | 4542731 |
| Microsoft Corp., 2.50%, 09/15/50<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,715 | 2270599 |
| Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 136686 |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,042 | 1881496 |
| Open Text Holdings Inc., 4.13%, 12/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,034 | 1819022 |
| Oracle Corp., 3.85%, 04/01/60 | &nbsp;&nbsp;&nbsp; USD11,990 | 8023355 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,111 | 1028124 |
| SS&C Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,140 | 3124518 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD591 | 599122 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA, 5.78%, 07/31/31, <br> (3-mo. EURIBOR + 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,283 | 5966655 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,974 | 6146015 |
|  |  | 81036821 |
| **Sovereign Debt Securities — 0.0%** | **Sovereign Debt Securities — 0.0%** | **Sovereign Debt Securities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, 8.38%, <br> 03/24/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 186850 |
| **Telecommunications — 3.4%** | **Telecommunications — 3.4%** | **Telecommunications — 3.4%** |
| Altice France SA, 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,000 | 1631767 |
| Altice France SA/France |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 910529 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR900 | 822259 |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,000 | 1827527 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/55, (5-year CMT + 2.390%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,034 | 1032790 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/55, (5-year CMT + 2.363%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,127 | 2110710 |
| British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/23/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,068 | 3405851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81, <br> (5-year CMT + 2.985%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,135 | 3039983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81, <br> (5-year CMT + 3.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,132 | 1022098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/03/54, (5-year EURIBOR ICE <br> Swap + 2.542%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,269 | 1470810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 12/20/83, (5-year UK Government <br> Bond + 3.820%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP5,100 | 7247060 |
| &nbsp;&nbsp;&nbsp; CK Hutchison Group Telecom Finance SA, <br> 2.63%, 10/17/34<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP3,000 | 2904805 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,722 | 4417282 |
| Consolidated Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD625 | 593456 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,700 | 5595633 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/30/30, (6.75% PIK)<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; USD2,159 | 2012345 |
| &nbsp;&nbsp;&nbsp; Series ., 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp; USD11,770 | 12447161 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA, <br> 4.75%, 08/01/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD773 | 773000 |
| Eutelsat SA |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 10/13/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,400 | 5048565 |
| &nbsp;&nbsp;&nbsp; 2.25%, 07/13/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,500 | 1580718 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,581 | $7502756 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 | &nbsp;&nbsp;&nbsp; USD3,725 | 3726866 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,449 | 3461223 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,320 | 3333931 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD994 | 1054148 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,404 | 4610261 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR6,715 | 7180333 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,037 | 3513663 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 115268 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR12,647 | 15277108 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,130 | 3168161 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,287 | 7686561 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA, 6.50%, <br> 03/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,500 | 4426280 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR11,740 | 13426677 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,607 | 3993795 |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,151 | 4487519 |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,449 | 3818400 |
| &nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured Finance, <br> 10.88%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD247 | 260662 |
| Odido Group Holding BV, 5.50%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR8,275 | 9304030 |
| Optics Bidco SpA |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 01/18/29 | &nbsp;&nbsp;&nbsp; EUR1,000 | 1042222 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/17/55 | &nbsp;&nbsp;&nbsp; EUR3,200 | 3269231 |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/24/33 | &nbsp;&nbsp;&nbsp; EUR1,478 | 1965282 |
| &nbsp;&nbsp;&nbsp; Series 2033, 6.38%, 11/15/33<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,943 | 3762608 |
| &nbsp;&nbsp;&nbsp; Series 2034, 6.00%, 09/30/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,377 | 3118564 |
| &nbsp;&nbsp;&nbsp; Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,127 | 3003067 |
| &nbsp;&nbsp;&nbsp; Series 2038, 7.72%, 06/04/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,164 | 2145008 |
| Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/52<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD8,598 | 6784640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/82, <br> (5-year CMT + 3.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,486 | 5341797 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/55, (5-year CMT + 2.653%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,143 | 1151534 |
| SoftBank Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,322 | 2458551 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/06/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,616 | 3685520 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/19/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR3,590 | 3898693 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 114140 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5,975 | 6830378 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR16,645 | 18620593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, , <br> (5-year USD ICE Swap + 4.854%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,245 | 2123433 |
| Sunrise HoldCo IV BV, 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,007 | 1966765 |
| Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp; 6.14%, (7-year EUR Swap + 3.347%)<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR1,500 | 1803057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 5.75%, <br> (8-year EUR Swap + 3.121%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR6,500 | 7611900 |
| T-Mobile USA Inc., 3.60%, 11/15/60 | &nbsp;&nbsp;&nbsp; USD6,865 | 4490667 |
| Turk Telekomunikasyon AS, 7.38%, 05/20/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200388 |
| &nbsp;&nbsp;&nbsp; VF Ukraine PAT via VFU Funding PLC, 6.20%, <br> 02/11/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD259 | 249122 |
| Viasat Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,580 | 3507168 |
| Vmed O2 U.K. Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP6,856 | 8397631 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP3,897 | 4495155 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,546 | 6632008 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR4,432 | 5026718 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,811 | 2836194 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/27/80, <br> (5-year EUR Swap + 3.477%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR790 | 836691 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/04/81, (5-year CMT + 2.447%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,006 | 2899059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/04/81, (5-year CMT + 2.767%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,192 | $2835796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/30/86, (5-year UK Government <br> Bond + 3.837%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,388 | 3421972 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR9,500 | 11370137 |
|  |  | 298137680 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, 2.88%, <br> 06/15/52<br>| &nbsp;&nbsp;&nbsp; USD365 | 227014 |
| CSX Corp., 4.25%, 11/01/66 | &nbsp;&nbsp;&nbsp; USD813 | 618320 |
| Danaos Corp., 8.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,899 | 3949422 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP9,682 | 13087079 |
| Mobico Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (5-year UK Government Bond + <br> 4.135%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,800 | 5619732 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,700 | 2936131 |
| MTR Corp. Ltd., 5.25%, 04/01/55<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD5,625 | 5466938 |
| &nbsp;&nbsp;&nbsp; Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD4,310 | 2699013 |
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA, 2.63%, (5-year EURIBOR <br> ICE Swap + 2.677%)<sup>(b)(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,555 | 4832466 |
| SGL Group ApS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78%, 02/24/31, <br> (3-mo. EURIBOR + 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3302732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 04/22/30, <br> (3-mo. EURIBOR + 4.750%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR9,023 | 10011143 |
| Transnet SOC Ltd., 8.25%, 02/06/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD442 | 444486 |
| XPO Inc., 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD798 | 816992 |
|  |  | 54011468 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure <br> Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD254 | 258263 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,846 | 2883860 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD306 | 319908 |
|  |  | 3462031 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Utilities Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/19/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP300 | 309356 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/18/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR853 | 683704 |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Ltd.,Series 144., 0.00%, <br> 03/22/27<sup>(a)(e)</sup><br>| &nbsp;&nbsp;&nbsp; GBP8 | 8612 |
|  |  | 1001672 |
| **Total Corporate Bonds & Notes — 41.1%** <br>**(Cost: $3,504,881,939)** | **Total Corporate Bonds & Notes — 41.1%** <br>**(Cost: $3,504,881,939)** | 3576475025 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 0.0%** | **Angola — 0.0%** | **Angola — 0.0%** |
| Angolan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/09/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,644 | 1385810 |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/12/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 389400 |
|  |  | 1775210 |
| **Armenia — 0.0%** | **Armenia — 0.0%** | **Armenia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Armenia International Bonds, <br> 6.75%, 03/12/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD268 | 251920 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
| Bahrain Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/16/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD288 | 265680 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/26/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD904 | 911096 |
|  |  | 1176776 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |
| &nbsp;&nbsp;&nbsp; Benin Government International Bond, 7.96%, <br> 02/13/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 179500 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Bolivia — 0.0%** | **Bolivia — 0.0%** | **Bolivia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Bolivian Government International Bond, <br> 4.50%, 03/20/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD698 | $452479 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| &nbsp;&nbsp;&nbsp; Brazil Letras do Tesouro Nacional, 0.00% <br> 01/01/26<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; BRL8,967 | 1439495 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional, Series F, <br> 10.00%, 01/01/27<br>| &nbsp;&nbsp;&nbsp; BRL224,949 | 37500113 |
|  |  | 38939608 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |
| &nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, <br> 5.00%, 03/05/37<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD358 | 345807 |
| **Cameroon, United Republic of — 0.0%** | **Cameroon, United Republic of — 0.0%** | **Cameroon, United Republic of — 0.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Cameroon International Bond, <br> 9.50%, 07/31/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD450 | 395757 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/31/27 | &nbsp;&nbsp;&nbsp; USD600 | 583800 |
| &nbsp;&nbsp;&nbsp; 3.13%, 01/21/26 | &nbsp;&nbsp;&nbsp; USD200 | 198000 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/14/32 | &nbsp;&nbsp;&nbsp; EUR952 | 1096808 |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 | &nbsp;&nbsp;&nbsp; USD463 | 397254 |
|  |  | 2275862 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/02/34 | &nbsp;&nbsp;&nbsp; USD413 | 402882 |
| &nbsp;&nbsp;&nbsp; 7.75%, 11/07/36 | &nbsp;&nbsp;&nbsp; USD335 | 319758 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 | &nbsp;&nbsp;&nbsp; USD692 | 703072 |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/14/35 | &nbsp;&nbsp;&nbsp; USD200 | 196800 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/14/53 | &nbsp;&nbsp;&nbsp; USD200 | 191600 |
| Colombian TES |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.75%, 11/03/27 | &nbsp;&nbsp;&nbsp; COP16,432,500 | 3553413 |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 04/28/28 | &nbsp;&nbsp;&nbsp; COP33,623,200 | 7136506 |
| &nbsp;&nbsp;&nbsp; Series B, 7.75%, 09/18/30 | &nbsp;&nbsp;&nbsp; COP16,173,000 | 3320280 |
|  |  | 15824311 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 04/03/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD284 | 289787 |
| &nbsp;&nbsp;&nbsp; 7.30%, 11/13/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202850 |
|  |  | 492637 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Czech Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/11/32 | &nbsp;&nbsp;&nbsp; CZK37,030 | 1751348 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/30 | &nbsp;&nbsp;&nbsp; CZK69,060 | 3341422 |
|  |  | 5092770 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD739 | 688286 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD374 | 348334 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD522 | 469309 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,195 | 1198734 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/29/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD769 | 776306 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/37<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD309 | 306992 |
| &nbsp;&nbsp;&nbsp; 10.75%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; DOP52,350 | 895709 |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bonds, <br> 7.05%, 02/03/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD552 | 569388 |
|  |  | 5253058 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, <br> 6.90%, 07/31/35<sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD364 | 217531 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/16/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,013 | 2264465 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/16/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR324 | 315012 |
| &nbsp;&nbsp;&nbsp; 6.59%, 02/21/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD241 | 224696 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/31/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | $594294 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD436 | 282144 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD629 | 529618 |
| &nbsp;&nbsp;&nbsp; 7.90%, 02/21/48<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD2,432 | 1664522 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 289800 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 289800 |
| &nbsp;&nbsp;&nbsp; 8.63%, 02/04/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 380220 |
| &nbsp;&nbsp;&nbsp; 9.45%, 02/04/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD297 | 272126 |
|  |  | 7106697 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** | **El Salvador — 0.0%** |
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, <br> 8.63%, 02/28/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD760 | 771400 |
| **Ethiopia — 0.0%** | **Ethiopia — 0.0%** | **Ethiopia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ethiopia International Bond, 6.63%, <br> 12/11/24<sup>(c)(j)</sup><br>| &nbsp;&nbsp;&nbsp; USD628 | 527520 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, <br> 3.20%, 05/25/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR41,592 | 47214903 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |
| Gabon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/16/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 197052 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/18/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,388 | 1195415 |
|  |  | 1392467 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/03/26<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; USD13 | 11964 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/03/30<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; USD199 | 150238 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/03/35<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD297 | 197429 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/03/29<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,637 | 2231482 |
|  |  | 2591113 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| Guatemala Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 06/13/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 399600 |
| &nbsp;&nbsp;&nbsp; 7.05%, 10/04/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 524500 |
|  |  | 924100 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government Bond, 7.00%, 10/24/35 | &nbsp;&nbsp;&nbsp; HUF402,440 | 1139397 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/22/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,641 | 1933944 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD536 | 534794 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/12/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR413 | 488173 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/16/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 192750 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/26/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 189200 |
| &nbsp;&nbsp;&nbsp; Magyar Export-Import Bank Zrt, 6.00%, <br> 05/16/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,136 | 1377009 |
| &nbsp;&nbsp;&nbsp; MFB Magyar Fejlesztesi Bank Zrt, 6.50%, <br> 06/29/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,069 | 1099071 |
|  |  | 6954338 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, <br> 3.88%, 01/15/33<br>| &nbsp;&nbsp;&nbsp; EUR623 | 705766 |
| Indonesia Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/35 | &nbsp;&nbsp;&nbsp; IDR23,267,000 | 1388617 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 | &nbsp;&nbsp;&nbsp; IDR38,144,000 | 2322197 |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/15/38 | &nbsp;&nbsp;&nbsp; IDR40,546,000 | 2470566 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/36 | &nbsp;&nbsp;&nbsp; IDR17,164,000 | 1134271 |
|  |  | 8021417 |
| **Ireland — 1.3%** | **Ireland — 1.3%** | **Ireland — 1.3%** |
| Ireland Government Bond, 2.60%, 10/18/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR97,018 | 108153567 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| &nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, 3.65%, <br> 08/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR50,682 | 57916593 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |
| Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR578 | $594220 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/03/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD771 | 757268 |
| &nbsp;&nbsp;&nbsp; 8.08%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD341 | 312441 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/30/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD255 | 233963 |
|  |  | 1897892 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |
| Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/07/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD281 | 279859 |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/13/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD963 | 959090 |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD501 | 506792 |
|  |  | 1745741 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| &nbsp;&nbsp;&nbsp; Development Bank of Kazakhstan JSC, <br> 13.49%, 05/23/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; KZT237,500 | 416883 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/28/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,632 | 1524084 |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 380000 |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/16/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD201 | 190950 |
|  |  | 2095034 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/27/23<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD220 | 37070 |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/04/22<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD308 | 51898 |
| &nbsp;&nbsp;&nbsp; 6.20%, 02/26/25<sup>(c)(i)</sup> | &nbsp;&nbsp;&nbsp; USD612 | 103122 |
| &nbsp;&nbsp;&nbsp; 6.60%, 11/27/26<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD1,056 | 177936 |
| &nbsp;&nbsp;&nbsp; 6.65%, 04/22/49<sup>(c)(i)</sup> | &nbsp;&nbsp;&nbsp; USD191 | 32184 |
| &nbsp;&nbsp;&nbsp; 6.85%, 03/23/27<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD278 | 46843 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/23/32<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD329 | 55436 |
|  |  | 504489 |
| **Macedonia — 0.0%** | **Macedonia — 0.0%** | **Macedonia — 0.0%** |
| &nbsp;&nbsp;&nbsp; North Macedonia Government International <br> Bond, 6.96%, 03/13/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 234974 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/03/26 | &nbsp;&nbsp;&nbsp; MXN88,198 | 4431723 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/26/33 | &nbsp;&nbsp;&nbsp; MXN108,794 | 4999191 |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/01/29 | &nbsp;&nbsp;&nbsp; MXN56,418 | 2859655 |
| &nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/13/42 | &nbsp;&nbsp;&nbsp; MXN16,987 | 707412 |
| &nbsp;&nbsp;&nbsp; Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp;&nbsp; MXN16,534 | 836765 |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/11/28 | &nbsp;&nbsp;&nbsp; USD300 | 292838 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/09/28 | &nbsp;&nbsp;&nbsp; USD700 | 713300 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/13/30 | &nbsp;&nbsp;&nbsp; USD400 | 410850 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 | &nbsp;&nbsp;&nbsp; USD200 | 175600 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 | &nbsp;&nbsp;&nbsp; USD619 | 614357 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 | &nbsp;&nbsp;&nbsp; USD1,199 | 1185961 |
|  |  | 17227652 |
| **Mongolia — 0.1%** | **Mongolia — 0.1%** | **Mongolia — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Ulaanbaatar Mongolia, 7.75%, <br> 08/21/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,018 | 3982842 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |
| &nbsp;&nbsp;&nbsp; Montenegro Government International Bond, <br> 2.88%, 12/16/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR374 | 412300 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| &nbsp;&nbsp;&nbsp; Morocco Government International Bond, <br> 5.95%, 03/08/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 406375 |
| &nbsp;&nbsp;&nbsp; Morocco Government International Bonds, <br> 4.75%, 04/02/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR557 | 626581 |
|  |  | 1032956 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Namibia — 0.0%** | **Namibia — 0.0%** | **Namibia — 0.0%** |
| Namibia International Bond, 5.25%, 10/29/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | $590250 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/28/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,213 | 1078660 |
| &nbsp;&nbsp;&nbsp; 7.14%, 02/23/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 518268 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/21/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD899 | 896195 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD327 | 231353 |
| &nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD824 | 769822 |
| &nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD398 | 376010 |
|  |  | 3870308 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, 6.75%, <br> 01/17/48<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD689 | 694168 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** |
| Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/08/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD556 | 521250 |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/05/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,614 | 1417092 |
|  |  | 1938342 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/29/26 | &nbsp;&nbsp;&nbsp; USD634 | 643510 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/01/31 | &nbsp;&nbsp;&nbsp; USD631 | 657186 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/38 | &nbsp;&nbsp;&nbsp; USD286 | 297154 |
|  |  | 1597850 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.74%, 01/29/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 168650 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/13/48<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD290 | 253968 |
|  |  | 422618 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Corp. Financiera de Desarrollo SA |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 09/28/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,603 | 1500007 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD285 | 285701 |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD785 | 775188 |
| Peru Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 | &nbsp;&nbsp;&nbsp; USD392 | 308994 |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 | &nbsp;&nbsp;&nbsp; USD603 | 534861 |
|  |  | 3404751 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| &nbsp;&nbsp;&nbsp; Philippines Government International Bond, <br> 4.63%, 07/17/28<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD600 | 602250 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/25/36 | &nbsp;&nbsp;&nbsp; PLN2,013 | 481183 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/25/29 | &nbsp;&nbsp;&nbsp; PLN11,260 | 2989530 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/34 | &nbsp;&nbsp;&nbsp; PLN6,200 | 1614721 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/25/29 | &nbsp;&nbsp;&nbsp; PLN19,253 | 5294174 |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/12/30 | &nbsp;&nbsp;&nbsp; USD992 | 1008864 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/04/33 | &nbsp;&nbsp;&nbsp; USD147 | 145383 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 | &nbsp;&nbsp;&nbsp; USD466 | 436908 |
|  |  | 11970763 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |
| &nbsp;&nbsp;&nbsp; Qatar Government International Bond, 3.25%, <br> 06/02/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD800 | 790000 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR746 | 687705 |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/14/41<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR446 | 300943 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/27/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD456 | 378038 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/27/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR470 | 546416 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD816 | 810084 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Romania (continued)** | **Romania (continued)** | **Romania (continued)** |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/17/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD126 | $128677 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD128 | 127072 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/30/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD4,090 | 4051677 |
| Romanian Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/11/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR620 | 691614 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR572 | 633897 |
|  |  | 8356123 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/22/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,170 | 1158803 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/17/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 595878 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/18/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1,116 | 1124024 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/18/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD561 | 475273 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/18/53<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD414 | 350737 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD616 | 624162 |
|  |  | 4328877 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, <br> 4.75%, 03/13/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR825 | 782729 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |
| Serbia International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD390 | 385125 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/26/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 206125 |
|  |  | 591250 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Republic of South Africa Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/28/31 | &nbsp;&nbsp;&nbsp; ZAR103,053 | 4976240 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/31/30 | &nbsp;&nbsp;&nbsp; ZAR214,339 | 11167508 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/31/40 | &nbsp;&nbsp;&nbsp; ZAR19,940 | 877425 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/24/26 | &nbsp;&nbsp;&nbsp; EUR448 | 508659 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/12/46<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD464 | 306402 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 | &nbsp;&nbsp;&nbsp; USD609 | 432140 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/16/25 | &nbsp;&nbsp;&nbsp; USD400 | 399500 |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD397 | 377053 |
| &nbsp;&nbsp;&nbsp; 7.95%, 11/19/54<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD508 | 458851 |
|  |  | 19503778 |
| **Spain — 1.3%** | **Spain — 1.3%** | **Spain — 1.3%** |
| Spain Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 04/30/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR82,644 | 93819906 |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/31/34<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR16,842 | 19659389 |
|  |  | 113479295 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 24422 |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/15/30<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD251 | 204129 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/15/33<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD498 | 350831 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/15/35<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD331 | 212550 |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/15/36<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD235 | 161739 |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/15/38<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD458 | 317301 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD587 | 542800 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD241 | 222791 |
|  |  | 2036563 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Thailand Government Bond, 2.50%, 11/17/29 | &nbsp;&nbsp;&nbsp; THB224,357 | 6964773 |
| **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/04/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 590250 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/26/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD266 | 252434 |
|  |  | 842684 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Tunisia — 0.0%** | **Tunisia — 0.0%** | **Tunisia — 0.0%** |
| Tunisian Republic, 6.38%, 07/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR1,272 | $1392353 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| &nbsp;&nbsp;&nbsp; Turkey Government International Bond, 9.13%, <br> 07/13/30<br>| &nbsp;&nbsp;&nbsp; USD618 | 669912 |
| Turkiye Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 26.20%, 10/05/33 | &nbsp;&nbsp;&nbsp; TRY18,986 | 414111 |
| &nbsp;&nbsp;&nbsp; 30.00%, 09/12/29 | &nbsp;&nbsp;&nbsp; TRY11,740 | 262261 |
| Turkiye Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/12/32 | &nbsp;&nbsp;&nbsp; USD600 | 585600 |
| &nbsp;&nbsp;&nbsp; 9.38%, 01/19/33 | &nbsp;&nbsp;&nbsp; USD800 | 876480 |
|  |  | 2808364 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond, <br> 4.88%, 04/30/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD600 | 615450 |
| &nbsp;&nbsp;&nbsp; Emirate of Dubai Government International <br> Bond, 3.90%, 09/09/50<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD426 | 300862 |
|  |  | 916312 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, 5.25%, <br> 09/10/60<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD503 | 453286 |
| Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/28/34 | &nbsp;&nbsp;&nbsp; USD533 | 556833 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/20/33 | &nbsp;&nbsp;&nbsp; UYU11,692 | 279164 |
|  |  | 1289283 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/29/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR363 | 419194 |
| &nbsp;&nbsp;&nbsp; 7.85%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 210300 |
| &nbsp;&nbsp;&nbsp; 7.85%, 10/12/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD950 | 998925 |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 16.63%, 05/29/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; UZS2,500,000 | 197471 |
|  |  | 1825890 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| Zambia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 12/31/53<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 113376 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/30/33<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD775 | 669231 |
|  |  | 782607 |
| **Total Foreign Government Obligations — 6.2%** <br>**(Cost: $533,209,690)** | **Total Foreign Government Obligations — 6.2%** <br>**(Cost: $533,209,690)** | 535580285 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development <br> Authority RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $1330 | 1385680 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District RB, <br> 10.00%, 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1480 | 1521830 |
| **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,810,000)** | **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,810,000)** | 2907510 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 9.6%** | **Mortgage-Backed Securities — 9.6%** | **Mortgage-Backed Securities — 9.6%** |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/52<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 687821 | 620681024 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/54<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 750 | 716953 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/55<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 750 | 717188 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/55<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 21329 | 21282955 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/55<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 192885 | 195664701 |
|  |  | 839062821 |
| **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** |
| Tennessee Valley Authority, 5.25%, 02/01/55 | &nbsp;&nbsp;&nbsp; 6290 | 6133202 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations — 3.6%** | **U.S. Government Obligations — 3.6%** | **U.S. Government Obligations — 3.6%** |
| U.S. Treasury Note/Bond, 3.75%, 04/15/28 | &nbsp;&nbsp;&nbsp; $307409 | $308825965 |
| **Total U.S. Government & Agency Obligations — 13.3%** <br>**(Cost: $1,145,756,864)** | **Total U.S. Government & Agency Obligations — 13.3%** <br>**(Cost: $1,145,756,864)** | 1154021988 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace S.A.U, 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.32%, 02/27/30<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2236247 |
| &nbsp;&nbsp;&nbsp; Barnes Group Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 01/27/32<br>| &nbsp;&nbsp;&nbsp; USD2,000 | 1965840 |
| &nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo SARL, EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.84%, 08/06/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2240212 |
| &nbsp;&nbsp;&nbsp; Kaman Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), <br> 7.05%, 02/26/32<br>| &nbsp;&nbsp;&nbsp; USD4,300 | 4232022 |
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 11/21/31<br>| &nbsp;&nbsp;&nbsp; USD6,546 | 6455902 |
|  |  | 17130223 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.00%), 5.15%, 07/16/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2215946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.40%, 01/28/32<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1116572 |
|  |  | 3332518 |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp; Fugue Finance B.V., 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.95%, 01/09/32<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2247530 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Areas Worldwide SA (3-mo. EURIBOR at <br> 0.00% Floor + 4.00%), 6.52%, 12/31/29<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3366265 |
| &nbsp;&nbsp;&nbsp; Pegasus BidCo BV, 2024 EUR Term Loan B2, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 6.02%, 07/12/29<br>| &nbsp;&nbsp;&nbsp; EUR1,880 | 2120317 |
|  |  | 5486582 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; Advanz Pharma Corp., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.25%), <br> 6.75%, 10/22/31<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3326774 |
| &nbsp;&nbsp;&nbsp; Cooper Consumer Health SAS, 2024 EUR <br> Term Loan B2, (3-mo. EURIBOR at 0.00% <br> Floor + 4.00%), 6.36%, 11/06/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2251540 |
|  |  | 5578314 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp; Tarkett Participation, 2021 EUR Term Loan B, <br> 04/21/28<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2249977 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Ineos Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR 1st Lien Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.65%, 06/23/31<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1061844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B1, (1-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.40%, <br> 02/07/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2114284 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Holdings U.K. Ltd. (1-mo. <br> EURIBOR at 0.00% Floor + 4.50%), 6.65%, <br> 04/02/29<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3061891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp; Nobian Finance B.V., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 6.11%, 07/01/29<br>| &nbsp;&nbsp;&nbsp; EUR1,750 | $1946823 |
| &nbsp;&nbsp;&nbsp; Nobian Finance BV (3-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.77%, 07/31/30<br>| &nbsp;&nbsp;&nbsp; EUR1,895 | 2090646 |
| &nbsp;&nbsp;&nbsp; Rain Carbon GmbH, 2023 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 5.00%), <br> 7.43%, 10/31/28<br>| &nbsp;&nbsp;&nbsp; EUR1,808 | 2009013 |
|  |  | 12284501 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; AlixPartners, LLP, 2021 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.00%), <br> 5.36%, 02/04/28<br>| &nbsp;&nbsp;&nbsp; EUR2,979 | 3366073 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD <br> Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.85%), 8.17%, <br> 05/12/28<br>| &nbsp;&nbsp;&nbsp; USD1,113 | 1111655 |
| &nbsp;&nbsp;&nbsp; Anticimex International AB, 2021 EUR Term <br> Loan B2, (3-mo. EURIBOR at 0.00% Floor + <br> 3.40%), 5.90%, 11/16/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2255437 |
| &nbsp;&nbsp;&nbsp; Atlas Luxco 4 SARL, 2021 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 5.90%, 05/12/28<br>| &nbsp;&nbsp;&nbsp; EUR1,975 | 2221943 |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2024 USD Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.75%), 7.05%, 10/16/31<br>| &nbsp;&nbsp;&nbsp; USD2,952 | 2940268 |
| &nbsp;&nbsp;&nbsp; Belron U.K. Finance PLC, 2024 EUR <br> Incremental Term Loan B, (3-mo. EURIBOR <br> at 0.00% Floor + 3.00%), 5.53%, 10/16/31<br>| &nbsp;&nbsp;&nbsp; EUR3,377 | 3810444 |
| &nbsp;&nbsp;&nbsp; Boels Topholding BV, 2025 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 2.75%), <br> 5.10%, 05/23/31<br>| &nbsp;&nbsp;&nbsp; EUR2,017 | 2265763 |
| &nbsp;&nbsp;&nbsp; Boluda Towage SL, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 6.00%, 01/31/30<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1127503 |
| &nbsp;&nbsp;&nbsp; Eagle Bidco Ltd., 2021 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.40%, 03/20/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2244698 |
| &nbsp;&nbsp;&nbsp; EM Bidco Ltd., 2024 EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 07/06/29<br>| &nbsp;&nbsp;&nbsp; EUR3,200 | 3605292 |
| &nbsp;&nbsp;&nbsp; Galileo Global Education Operations SAS, <br> 07/31/31<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2226051 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.29%, 02/01/29<br>| &nbsp;&nbsp;&nbsp; USD1,108 | 1095532 |
| &nbsp;&nbsp;&nbsp; Holding Socotec SAS (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.61%, 06/02/28<br>| &nbsp;&nbsp;&nbsp; EUR2,938 | 3311110 |
| &nbsp;&nbsp;&nbsp; IFCO Management GmbH, 2024 EUR 1st Lien <br> Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 6.34%, 11/29/29<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3390837 |
| &nbsp;&nbsp;&nbsp; Inspired Finco Holdings Ltd. (1-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.40%, 02/28/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2242795 |
| &nbsp;&nbsp;&nbsp; Lernen Bidco Ltd., EUR Term Loan B1, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.78%, <br> 04/25/29<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1130959 |
| &nbsp;&nbsp;&nbsp; OCS Group Holdings Ltd., EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.75%), <br> 7.44%, 11/27/31<br>| &nbsp;&nbsp;&nbsp; EUR2,076 | 2343863 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH, <br> 2024 EUR Term Loan B5, (3-mo. EURIBOR <br> at 0.00% Floor + 3.50%), 6.03%, 07/15/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2266222 |
| &nbsp;&nbsp;&nbsp; TMF Sapphire Bidco BV, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.60%, 05/03/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2256253 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB, 2021 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + 3.00%), <br> 5.36%, 03/27/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | $2255075 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., 1st Lien Term Loan B-2, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.82%, 01/30/31<br>| &nbsp;&nbsp;&nbsp; USD5,804 | 5717946 |
|  |  | 53185719 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, <br> 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.57%, 09/29/31<br>| &nbsp;&nbsp;&nbsp; USD5,649 | 5569420 |
| &nbsp;&nbsp;&nbsp; Indy U.S. Holdco LLC, 2025 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.65%, 03/06/28<br>| &nbsp;&nbsp;&nbsp; EUR1,995 | 2232080 |
| &nbsp;&nbsp;&nbsp; McAfee Corp., 2024 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.69%, <br> 03/01/29<br>| &nbsp;&nbsp;&nbsp; EUR2,620 | 2884387 |
| &nbsp;&nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.32%, 03/01/29<br>| &nbsp;&nbsp;&nbsp; USD2,750 | 2574688 |
|  |  | 13260575 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp; Rainbow U.K. Bidco Ltd., EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.71%, 02/23/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2234548 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Barentz Bidco BV, 03/03/31<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; EUR2,000 | 2226686 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA, 1st Lien EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.49%, 02/03/31<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3383972 |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.08%, <br> 03/29/30<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3390497 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC (1-mo. EURIBOR at <br> 0.00% Floor + 2.75%), 4.85%, 08/01/30<br>| &nbsp;&nbsp;&nbsp; EUR400 | 445305 |
|  |  | 9446460 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apave SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.89%, <br> 12/09/31<br>| &nbsp;&nbsp;&nbsp; EUR1,715 | 1931504 |
| &nbsp;&nbsp;&nbsp; Athena Bidco SASU, 2024 EUR 1st Lien Term <br> Loan B, 04/14/31<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1130902 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 6.46%, 10/30/31<br>| &nbsp;&nbsp;&nbsp; EUR1,483 | 1680595 |
| &nbsp;&nbsp;&nbsp; Finco Utilitas SARL, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.88%, <br> 09/26/30<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2260739 |
| &nbsp;&nbsp;&nbsp; MasOrange Finco PLC (3-mo. EURIBOR at <br> 0.00% Floor + 2.75%), 5.22%, 03/25/31<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3357497 |
|  |  | 10361237 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| &nbsp;&nbsp;&nbsp; Minimax Viking GmbH (1-mo. EURIBOR at <br> 0.00% Floor + 2.50%), 4.65%, 03/17/32<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1125770 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp; Circet Europe SASU, 2021 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.61%, 10/13/28<br>| &nbsp;&nbsp;&nbsp; EUR1,500 | 1683456 |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 6.11%, 02/27/30<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2256887 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| Platea BC Bidco AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.36%, 04/03/31<br>| &nbsp;&nbsp;&nbsp; EUR1,666 | $1886611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.36%, 04/03/31<br>| &nbsp;&nbsp;&nbsp; EUR131 | 147970 |
| &nbsp;&nbsp;&nbsp; Radar Bidco SARL, 2024 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 6.10%, 04/04/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2235680 |
|  |  | 8210604 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bally's Corp., 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.51%), <br> 7.78%, 10/02/28<br>| &nbsp;&nbsp;&nbsp; USD1,726 | 1488350 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.59%, 03/01/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2254690 |
| &nbsp;&nbsp;&nbsp; Betclic Everest Group SAS, EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.79%, 12/10/31<br>| &nbsp;&nbsp;&nbsp; EUR2,591 | 2920848 |
| &nbsp;&nbsp;&nbsp; Entain PLC, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.62%, <br> 06/30/28<br>| &nbsp;&nbsp;&nbsp; EUR2,611 | 2956314 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment B.V., 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.54%, 06/02/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2261736 |
| &nbsp;&nbsp;&nbsp; Tackle SARL (3-mo. EURIBOR at 0.00% Floor <br> + 3.25%), 5.78%, 05/22/28<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3380029 |
|  |  | 15261967 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp; Beauparc (3-mo. EURIBOR at 0.00% Floor + <br> 3.15%), 5.75%, 08/24/28<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3356070 |
| &nbsp;&nbsp;&nbsp; Eagle 4 Ltd., EUR Term Loan B2, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 07/12/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2269099 |
| &nbsp;&nbsp;&nbsp; GFL ES U.S. LLC (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.82%, 02/04/32<br>| &nbsp;&nbsp;&nbsp; USD3,941 | 3881885 |
|  |  | 9507054 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Flora Food Management BV, 01/02/28<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; EUR2,000 | 2245876 |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., 2024 EUR Term Loan <br> B3, (6-mo. EURIBOR at 0.00% Floor + <br> 2.50%), 5.10%, 09/30/31<br>| &nbsp;&nbsp;&nbsp; EUR4,000 | 4490891 |
| &nbsp;&nbsp;&nbsp; Market Bidco Ltd., 2024 EUR Term Loan B, <br> 11/04/30<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,800 | 1974144 |
| &nbsp;&nbsp;&nbsp; ZF Invest SAS, 2021 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.77%, <br> 07/12/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2249524 |
|  |  | 10960435 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp; SpA Holdings 3 Oy, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.86%, <br> 02/04/28<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3341898 |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.35%), <br> 7.67%, 05/10/27<br>| &nbsp;&nbsp;&nbsp; USD6,322 | 6240576 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 6.57%, 10/23/28<br>| &nbsp;&nbsp;&nbsp; USD3,717 | 3689735 |
|  |  | 9930311 |
| **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; AI Monet Luxembourg ParentCo SARL, EUR <br> Term Loan B, (1-mo. EURIBOR at 0.00% <br> Floor + 4.00%), 6.36%, 03/06/31<br>| &nbsp;&nbsp;&nbsp; EUR3,150 | 3565517 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| &nbsp;&nbsp;&nbsp; Elsan SAS (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 6.16%, 06/16/31<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | $3361100 |
| &nbsp;&nbsp;&nbsp; HomeVi SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 10/31/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2250702 |
| &nbsp;&nbsp;&nbsp; Mehilainen Yhtiot OY (3-mo. EURIBOR at <br> 0.00% Floor + 3.90%), 6.26%, 08/05/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2263209 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.49%, <br> 08/13/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2249003 |
| &nbsp;&nbsp;&nbsp; Synlab Bondco PLC, 2024 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.63%, 12/20/30<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2245468 |
| &nbsp;&nbsp;&nbsp; Vivalto Sante SAS, 2021 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + 3.60%), <br> 5.96%, 07/21/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2248006 |
|  |  | 18183005 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp; Median B V, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 7.28%, <br> 10/14/27<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2245876 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp; I-Logic Technologies Bidco Ltd. (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 6.03%, <br> 02/16/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2188282 |
| &nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 2021 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 4.25%), 6.61%, 04/03/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2169046 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 6.13%, 12/10/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2259403 |
|  |  | 6616731 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp; Casper BidCo SAS, 2025 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 5.90%, 03/21/31<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3365042 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ammega Group BV, 2023 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 5.00%), <br> 7.36%, 12/30/28<br>| &nbsp;&nbsp;&nbsp; EUR2,768 | 3110313 |
| &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings Inc., 2021 <br> EUR Incremental Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 05/21/28<br>| &nbsp;&nbsp;&nbsp; EUR1,990 | 2246696 |
| &nbsp;&nbsp;&nbsp; Rubix Group Midco 3 Ltd., 2024 EUR Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.54%, 09/30/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2255800 |
| TK Elevator Midco GmbH, 04/30/30<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; EUR2,400 | 2693012 |
|  |  | 10305821 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ctec III GmbH, 2022 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 6.00%, <br> 03/16/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2227139 |
| &nbsp;&nbsp;&nbsp; KP Germany Erste GmbH (6-mo. EURIBOR at <br> 0.00% Floor + 4.73%), 7.11%, 02/12/26<br>| &nbsp;&nbsp;&nbsp; EUR3,584 | 3638727 |
|  |  | 5865866 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; AVIV Group GmbH, EUR Term Loan B, <br> 02/16/32<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,720 | 1937771 |
| &nbsp;&nbsp;&nbsp; Vmed O2 U.K. Holdco 4 Ltd., 2020 EUR Term <br> Loan R, (1-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.55%, 01/31/29<br>| &nbsp;&nbsp;&nbsp; EUR2,500 | 2797688 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; Ziggo BV, 2019 EUR Term Loan H, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.30%, <br> 01/31/29<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | $3287759 |
|  |  | 8023218 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albea Beauty Holdings SA, 2023 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.36%, 12/31/27<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2256253 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc, Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.18%), 7.50%, 04/13/29<br>| &nbsp;&nbsp;&nbsp; USD5,244 | 5204176 |
|  |  | 7460429 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; AI Sirona Luxembourg Acquisition SARL, 2024 <br> EUR Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.65%, 09/30/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2262597 |
| &nbsp;&nbsp;&nbsp; Ceva Sante Animale (3-mo. EURIBOR at <br> 0.00% Floor + 3.00%), 5.36%, 11/08/30<br>| &nbsp;&nbsp;&nbsp; EUR3,000 | 3375611 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding AG, 2024 EUR Term <br> Loan B2, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.54%, 02/21/30<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2263821 |
| &nbsp;&nbsp;&nbsp; Sante Cie, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 12/17/31<br>| &nbsp;&nbsp;&nbsp; EUR1,636 | 1846804 |
|  |  | 9748833 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp; Apleona Holding GmbH, 2024 EUR Term Loan <br> B3, (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.94%, 04/28/28<br>| &nbsp;&nbsp;&nbsp; EUR1,843 | 2082755 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| CD&R Firefly Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B4, 06/21/28<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; EUR1,000 | 1122236 |
| &nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B9, 06/21/28<sup>(k)(m)</sup> | &nbsp;&nbsp;&nbsp; EUR2,000 | 2245876 |
| &nbsp;&nbsp;&nbsp; Elvis U.K. Holdco Ltd., 2021 EUR Term Loan, <br> 10/19/28<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,000 | 1118928 |
| &nbsp;&nbsp;&nbsp; Peer Holding III B.V., 2024 EUR Term Loan B7, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.61%, 11/26/31<br>| &nbsp;&nbsp;&nbsp; EUR2,800 | 3165574 |
| &nbsp;&nbsp;&nbsp; QSRP Finco BV, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 5.25%), 7.92%, <br> 06/19/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2262302 |
|  |  | 9914916 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Icon Parent Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 11/13/31<br>| &nbsp;&nbsp;&nbsp; USD3,750 | 3725400 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; BMC Software Inc. (1-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.65%, 07/30/31<br>| &nbsp;&nbsp;&nbsp; EUR2,990 | 3351014 |
| &nbsp;&nbsp;&nbsp; Claudius Finance SARL, 2025 EUR Term Loan <br> B4, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.44%, 07/10/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2255188 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 03/21/31<br>| &nbsp;&nbsp;&nbsp; USD2,967 | 2930187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR 1st Lien Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), <br> 6.11%, 03/29/29<br>| &nbsp;&nbsp;&nbsp; EUR1,498 | 1688055 |
| &nbsp;&nbsp;&nbsp; ION Corporate Solutions Finance SARL (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.71%, <br> 03/13/28<br>| &nbsp;&nbsp;&nbsp; EUR1,688 | 1837657 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; Mosel Bidco SE (3-mo. EURIBOR at 0.00% <br> Floor + 3.75%), 6.11%, 09/16/30<br>| &nbsp;&nbsp;&nbsp; EUR1,000 | $1128953 |
| Polaris Newco LLC, 06/02/28<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; EUR1,995 | 2098471 |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding Inc., 2024 <br> Add-on Term Loan B, 10/28/30<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2487850 |
| &nbsp;&nbsp;&nbsp; Rocket Software Inc., 2023 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 4.25%), <br> 6.40%, 11/28/28<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2262302 |
| &nbsp;&nbsp;&nbsp; Silae, 2023 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.77%, <br> 01/11/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2260037 |
| &nbsp;&nbsp;&nbsp; Unit4 Group Holding BV, 2021 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.86%, 06/29/28<br>| &nbsp;&nbsp;&nbsp; EUR2,500 | 2815615 |
|  |  | 25115329 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom Holding SA, EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 2.50%), 5.34%, 01/30/32<br>| &nbsp;&nbsp;&nbsp; EUR1,362 | 1531236 |
| &nbsp;&nbsp;&nbsp; Odido Holding BV (3-mo. EURIBOR at 0.00% <br> Floor + 3.15%), 5.51%, 03/30/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2254146 |
| &nbsp;&nbsp;&nbsp; Telenet International Finance SARL, 2020 EUR <br> Term Loan AQ, (1-mo. EURIBOR at 0.00% <br> Floor + 2.25%), 4.55%, 04/30/29<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2218212 |
|  |  | 6003594 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp; Edge Finco PLC (3-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 6.02%, 08/22/31<br>| &nbsp;&nbsp;&nbsp; EUR2,000 | 2246284 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp; Leased & Tenanted Pubs 1 Ltd., GBP 2nd Lien <br> Term Loan, (1-day SONIA at 3.00% Floor + <br> 9.37%), 13.83%, 03/31/28<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp; GBP4,313 | 5632451 |
| **Total Floating Rate Loan Interests — 3.7%** <br>**(Cost: $311,668,263)** | **Total Floating Rate Loan Interests — 3.7%** <br>**(Cost: $311,668,263)** | 321671773 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 1.1%** | **Exchange Traded Funds — 1.1%** | **Exchange Traded Funds — 1.1%** |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate <br> Bond ETF<sup>(f)(n)</sup><br>| &nbsp;&nbsp;&nbsp; 1226257 | 96383800 |
| **Total Investment Companies — 1.1%** <br>**(Cost $94,603,214)** | **Total Investment Companies — 1.1%** <br>**(Cost $94,603,214)** | 96383800 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(o)</sup> | &nbsp;&nbsp;&nbsp; 12300 | 754974 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | 754974 |
| **Total Long-Term Investments — 104.5%** <br>**(Cost: $8,993,985,277)** | **Total Long-Term Investments — 104.5%** <br>**(Cost: $8,993,985,277)** | 9097430600 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.5%** | **Money Market Funds — 9.5%** | **Money Market Funds — 9.5%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.46%<sup>(n)(p)(q)</sup><br>| &nbsp;&nbsp;&nbsp; 824114543 | 824444189 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(n)(p)</sup><br>| &nbsp;&nbsp;&nbsp; 100000 | $100000 |
| **Total Short-Term Securities — 9.5%** <br>**(Cost: $824,531,927)** | **Total Short-Term Securities — 9.5%** <br>**(Cost: $824,531,927)** | 824544189 |
| **Options Purchased — 0.0%** <br>**(Cost: $1,035,617)** | **Options Purchased — 0.0%** <br>**(Cost: $1,035,617)** | 1197221 |
| **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 114.0%** <br>**(Cost: $9,819,552,821)** | **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 114.0%** <br>**(Cost: $9,819,552,821)** | 9923172010 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> |
| **Mortgage-Backed Securities — (3.0)%** | **Mortgage-Backed Securities — (3.0)%** | **Mortgage-Backed Securities — (3.0)%** |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/52 | &nbsp;&nbsp;&nbsp; (289774)<br>| (261488162)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/55 | &nbsp;&nbsp;&nbsp; (750)<br>| (717188)<br>|
| **Total TBA Sales Commitments — (3.0)%** <br>**(Proceeds: $(256426900))** | **Total TBA Sales Commitments — (3.0)%** <br>**(Proceeds: $(256426900))** | (262205350)<br>|
| **Options Written — (0.0%)** <br>**(Premiums Received: $(827199))** | **Options Written — (0.0%)** <br>**(Premiums Received: $(827199))** | (204086)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 111.0%** <br>**(Cost: $9,562,298,722)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 111.0%** <br>**(Cost: $9,562,298,722)** | 9660762574 |
| **Liabilities in Excess of Other Assets — (11.0)%** | **Liabilities in Excess of Other Assets — (11.0)%** | (958294273)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8702468301 |

---

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

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

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

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

<sup>(d)</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>(e)</sup> Zero-coupon bond.

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

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

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

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

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

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

<sup>(m)</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>(n)</sup> Affiliate of the Fund.

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $459279101 | $365266523 <br><sup>(a)</sup><br>| $— | $(80294)<br>| $(21141)<br>| $824444189 | 824114543 | $15711184 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Broad USD High Yield Cor-<br> porate Bond ETF<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48363114 | &nbsp;&nbsp; (47340898)<br>| (1022216)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1797254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corpo-<br> rate Bond ETF<br>| &nbsp;&nbsp; 137251634 | &nbsp;&nbsp; 510111131 | &nbsp;&nbsp; (551251686)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532800 | (260079)<br>| &nbsp;&nbsp;&nbsp; 96383800 | 1226257 | &nbsp;&nbsp;&nbsp; 7059938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 27821776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (28029455)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657662 | (449983)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $87952 | $(731203) | $920927989 |  | $24671490 | $— |

---

&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>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp; $281 | &nbsp;&nbsp; $11246 |
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp; 21199 | &nbsp;&nbsp; 317407 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Treasury Note | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp; 17126 | &nbsp;&nbsp; 60424 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp; 83454 | &nbsp;&nbsp; 2065859 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 9991 | &nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp; 1092453 | &nbsp;&nbsp; 11381965 |
|  |  |  |  | &nbsp;&nbsp; 13836901 |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; (330)<br>| &nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp; 44722 | &nbsp;&nbsp; (478135)<br>|
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; (281)<br>| &nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp; 34243 | &nbsp;&nbsp; (125800)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp; 114654 | &nbsp;&nbsp; 1623400 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; (583)<br>| &nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp; 70488 | &nbsp;&nbsp; (1691468)<br>|
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; (70)<br>| &nbsp;&nbsp; 06/26/25 | &nbsp;&nbsp; 8724 | &nbsp;&nbsp; (140883)<br>|
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; (5528)<br>| &nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp; 1151120 | &nbsp;&nbsp; (4075140)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; (712)<br>| &nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp; 172153 | &nbsp;&nbsp; (1131988)<br>|
|  |  |  |  | &nbsp;&nbsp; (6020014)<br>|
|  |  |  |  | &nbsp;&nbsp; $7816887 |

---

**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>|
| USD | 25570615 | BRL | 143758000 | State Street Bank & Trust Company | 05/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $239479 |
| BRL | 33990573 | USD | 5763566 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225804 |
| BRL | 86567455 | USD | 14734259 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519515 |
| BRL | 22082021 | USD | 3760000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131002 |
| BRL | 1227585 | USD | 211841 | Deutsche Bank Securities Inc. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4468 |
| BRL | 18237615 | USD | 3099000 | Goldman Sachs & Co. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114592 |
| USD | 6004553 | BRL | 33990573 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15183 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 15292442 | BRL | 86567455 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38668 |
| USD | 3900866 | BRL | 22082021 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9864 |
| USD | 216857 | BRL | 1227585 | Deutsche Bank Securities Inc. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| USD | 8613109 | BRL | 48757379 | Goldman Sachs & Co. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21727 |
| USD | 216720 | BRL | 1227585 | UBS AG | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| AUD | 1609 | USD | 1013 | Deutsche Bank Securities Inc. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| CLP | 19820800 | USD | 20851 | Citibank N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| JPY | 64005000 | USD | 438461 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9440 |
| JPY | 32735430 | USD | 220307 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8772 |
| TRY | 130382453 | USD | 3354317 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24646 |
| TRY | 9094723 | USD | 233356 | Citibank N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| TRY | 56907960 | USD | 1455000 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19814 |
| TWD | 1129085 | USD | 35040 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| USD | 20959 | CLP | 19820800 | Goldman Sachs & Co. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| USD | 78872 | CNH | 570973 | Bank of America N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| USD | 170383 | COP | 704986832 | Bank of America N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3590 |
| USD | 496265 | COP | 2090467020 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683 |
| USD | 681475 | JPY | 96740430 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4495 |
| USD | 92361 | ZAR | 1713262 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| TRY | 10384466 | USD | 265625 | UBS AG | 05/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| TRY | 56826682 | USD | 1454000 | Barclays Bank PLC | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6499 |
| TWD | 68594883 | USD | 2133788 | Barclays Bank PLC | 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12160 |
| BRL | 7842627 | USD | 1356072 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20665 |
| BRL | 22646123 | USD | 3826522 | Deutsche Bank Securities Inc. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148900 |
| BRL | 81142623 | USD | 14065284 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178927 |
| COP | 36532258119 | USD | 8390620 | State Street Bank & Trust Company | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236072 |
| CZK | 18008426 | USD | 792836 | Goldman Sachs & Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24970 |
| CZK | 51506437 | USD | 2318299 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20732 |
| EUR | 101771 | USD | 112518 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877 |
| EUR | 284356 | USD | 321092 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| HUF | 251224378 | USD | 690830 | Goldman Sachs & Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12339 |
| IDR | 73471711834 | USD | 4351816 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84547 |
| IDR | 21047813641 | USD | 1244255 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26653 |
| MXN | 43633574 | USD | 2175392 | Goldman Sachs & Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45026 |
| MXN | 123798203 | USD | 6148276 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151545 |
| PLN | 24731224 | USD | 6467900 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71974 |
| THB | 511442084 | USD | 15088201 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238135 |
| USD | 22053200 | COP | 91473363806 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452768 |
| USD | 17010 | EUR | 14795 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| USD | 9634990 | IDR | 158187266911 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83340 |
| USD | 1834163 | ZAR | 33645072 | Bank of America N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27537 |
| USD | 27779323 | ZAR | 511303445 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324062 |
| UYU | 5520235 | USD | 130218 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873 |
| ZAR | 51686968 | USD | 2700830 | Morgan Stanley & Co. LLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74585 |
| ZAR | 166126466 | USD | 8641129 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279299 |
| EGP | 56395724 | USD | 1064000 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34023 |
| TRY | 56435680 | USD | 1393310 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34924 |
| CAD | 4810831 | USD | 3493558 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 |
| CLP | 136788056 | USD | 141186 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3246 |
| CNH | 56956397 | USD | 7835779 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12103 |
| COP | 21170109754 | USD | 4886688 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106343 |
| IDR | 60356389180 | USD | 3573435 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69954 |
| IDR | 18749936656 | USD | 1110660 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21172 |
| IDR | 11278168000 | USD | 671000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9802 |
| IDR | 54225429654 | USD | 3220133 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53164 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| INR | 734968080 | USD | 8505000 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $167257 |
| MXN | 198840015 | USD | 10072822 | Goldman Sachs & Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34775 |
| MYR | 44134587 | USD | 10071561 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166417 |
| PEN | 4973423 | USD | 1333000 | Deutsche Bank Securities Inc. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22550 |
| USD | 467628 | AUD | 727997 | Morgan Stanley & Co. LLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184 |
| USD | 1287325 | CLP | 1205393175 | Goldman Sachs & Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14574 |
| USD | 1804401 | EUR | 1584563 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6834 |
| USD | 1794102 | PLN | 6769287 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4444 |
| USD | 597915 | RON | 2614750 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3479 |
| USD | 340000 | SGD | 442086 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| ZAR | 99048825 | USD | 5286441 | State Street Bank & Trust Company | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28820 |
| TRY | 24071346 | USD | 585350 | Barclays Bank PLC | 06/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19554 |
| USD | 2425911 | BRL | 13855521 | Goldman Sachs & Co. | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449 |
| BRL | 3607887 | USD | 605000 | Goldman Sachs & Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24021 |
| EUR | 38404000 | USD | 42787817 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835688 |
| EUR | 58618952 | USD | 63949554 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2636325 |
| INR | 123620538 | USD | 1408765 | Goldman Sachs & Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47578 |
| MXN | 8804802 | USD | 429000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17337 |
| MXN | 97976475 | USD | 4773544 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193127 |
| NOK | 91817573 | USD | 8478000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347867 |
| USD | 25645293 | EUR | 22299000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315626 |
| USD | 67508584 | EUR | 59151000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318346 |
| USD | 145781836 | EUR | 127947000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445503 |
| EGP | 156033684 | USD | 2821586 | Citibank N.A. | 06/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178918 |
| USD | 3001802 | EGP | 156033684 | Citibank N.A. | 06/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| AUD | 1609 | USD | 1028 | Barclays Bank PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 504597 | CNH | 3646973 | Bank of America N.A. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| USD | 659513 | COP | 2795453852 | Goldman Sachs & Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| USD | 1077309 | EUR | 940450 | Deutsche Bank Securities Inc. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7479 |
| USD | 1297 | GBP | 967 | State Street Bank & Trust Company | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 61992 | HUF | 22053941 | UBS AG | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| USD | 6604469 | EUR | 5798963 | Deutsche Bank Securities Inc. | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646 |
| USD | 238348 | EUR | 209276 | Morgan Stanley & Co. LLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10123472 |
| BRL | 82527211 | USD | 14578719 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36863)<br>|
| BRL | 9321180 | USD | 1646619 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4164)<br>|
| BRL | 16973820 | USD | 2998484 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7582)<br>|
| BRL | 30519764 | USD | 5393067 | Goldman Sachs & Co. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15277)<br>|
| BRL | 80321013 | USD | 14188986 | Morgan Stanley & Co. LLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35878)<br>|
| BRL | 1227585 | USD | 216857 | UBS AG | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (548)<br>|
| USD | 14195452 | BRL | 82527211 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346404)<br>|
| USD | 1549500 | BRL | 9321180 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92955)<br>|
| USD | 2924000 | BRL | 16973820 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66902)<br>|
| USD | 13973003 | BRL | 80321013 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180105)<br>|
| CNH | 3646973 | USD | 502013 | Bank of America N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293)<br>|
| COP | 2795453852 | USD | 665439 | Goldman Sachs & Co. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4065)<br>|
| EUR | 940450 | USD | 1072964 | Deutsche Bank Securities Inc. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7446)<br>|
| GBP | 967 | USD | 1297 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| HUF | 22053941 | USD | 62199 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (429)<br>|
| MXN | 2000650 | USD | 101999 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| TRY | 10456164 | USD | 273237 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2258)<br>|
| USD | 1027 | AUD | 1609 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 422717 | CNH | 3076000 | Citibank N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453)<br>|
| USD | 988967 | EUR | 940450 | Deutsche Bank Securities Inc. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76551)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1226 | GBP | 967 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(63)<br>|
| USD | 57910 | HUF | 22053941 | Morgan Stanley & Co. LLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3860)<br>|
| USD | 97376 | MXN | 2000650 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4614)<br>|
| USD | 1336047 | TRY | 51819235 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6889)<br>|
| USD | 1288570 | TRY | 49976416 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6608)<br>|
| USD | 34505 | TWD | 1129085 | Bank of America N.A. | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796)<br>|
| ZAR | 1713262 | USD | 92448 | State Street Bank & Trust Company | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>|
| USD | 4626000 | TWD | 149003460 | Citibank N.A. | 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35481)<br>|
| CZK | 4632935 | USD | 211286 | Deutsche Bank Securities Inc. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (893)<br>|
| THB | 186174268 | USD | 5595860 | Bank of America N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16793)<br>|
| USD | 21310097 | BRL | 125269273 | Goldman Sachs & Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680343)<br>|
| USD | 8244224 | CZK | 189914581 | Deutsche Bank Securities Inc. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (380253)<br>|
| USD | 1095776 | EUR | 1005765 | Deutsche Bank Securities Inc. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44638)<br>|
| USD | 1798501 | HUF | 663486911 | State Street Bank & Trust Company | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58578)<br>|
| USD | 3569778 | IDR | 60278563407 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69957)<br>|
| USD | 16943590 | MXN | 343211044 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (521673)<br>|
| USD | 540554 | MXN | 10639622 | Goldman Sachs & Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (873)<br>|
| USD | 4428716 | MXN | 89551096 | State Street Bank & Trust Company | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128344)<br>|
| USD | 17124087 | PLN | 66152915 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (369255)<br>|
| USD | 6719139 | THB | 229357808 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154005)<br>|
| USD | 20593055 | THB | 695410571 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246248)<br>|
| USD | 451837 | UYU | 19433491 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9657)<br>|
| USD | 106400 | EGP | 5618101 | Citibank N.A. | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2984)<br>|
| CZK | 108875812 | USD | 5015130 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69856)<br>|
| EUR | 84447 | USD | 97497 | State Street Bank & Trust Company | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1699)<br>|
| GBP | 1014541 | USD | 1359741 | State Street Bank & Trust Company | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7547)<br>|
| HUF | 826166279 | USD | 2332235 | Goldman Sachs & Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20770)<br>|
| JPY | 334181614 | USD | 2384890 | State Street Bank & Trust Company | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40784)<br>|
| PLN | 6773406 | USD | 1794993 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4246)<br>|
| PLN | 23169898 | USD | 6245917 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120281)<br>|
| RON | 7871000 | USD | 1821529 | Goldman Sachs & Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32141)<br>|
| THB | 66642190 | USD | 2005000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6752)<br>|
| THB | 242780766 | USD | 7363687 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83972)<br>|
| USD | 1359040 | AUD | 2134000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8259)<br>|
| USD | 3493558 | CAD | 4846735 | State Street Bank & Trust Company | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26856)<br>|
| USD | 2647568 | COP | 11483826851 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60925)<br>|
| USD | 1372011 | INR | 117809386 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18081)<br>|
| USD | 1017425 | MXN | 20047342 | Goldman Sachs & Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1638)<br>|
| USD | 1709123 | MYR | 7446649 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18289)<br>|
| USD | 1333000 | PEN | 4915438 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6746)<br>|
| USD | 1337000 | SGD | 1753028 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6919)<br>|
| USD | 1025860 | THB | 34302707 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2697)<br>|
| ZAR | 15818582 | USD | 849579 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (706)<br>|
| BRL | 7747322 | USD | 1359000 | Bank of America N.A. | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3920)<br>|
| BRL | 149766 | USD | 26222 | Goldman Sachs & Co. | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| BRL | 1227585 | USD | 215213 | UBS AG | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (496)<br>|
| BRL | 143758000 | USD | 25293476 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229834)<br>|
| CHF | 6953763 | USD | 8478000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7855)<br>|
| COP | 8615190083 | USD | 2066456 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40450)<br>|
| EUR | 42906000 | USD | 49354257 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (616884)<br>|
| IDR | 19688465000 | USD | 1188974 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1425)<br>|
| IDR | 23305199395 | USD | 1408765 | Goldman Sachs & Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3066)<br>|
| USD | 2431771 | AUD | 3862000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43309)<br>|
| USD | 3482060 | AUD | 5504000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45346)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 7941630 | AUD | 12551000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(102059)<br>|
| USD | 1019853 | BRL | 6082028 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40525)<br>|
| USD | 47041179 | BRL | 279882656 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1755260)<br>|
| USD | 13556233 | CHF | 11806448 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (824804)<br>|
| USD | 28993044 | EUR | 25597000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82856)<br>|
| USD | 85951342 | EUR | 78950000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3728787)<br>|
| USD | 1858091119 | EUR | 1694626000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66852242)<br>|
| USD | 379840721 | GBP | 293023000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10740792)<br>|
| USD | 6594893 | JPY | 969293000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (220228)<br>|
| USD | 18824237 | MXN | 387293617 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808638)<br>|
| USD | 7940478 | NOK | 83829000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117496)<br>|
| ZAR | 2020551 | USD | 109000 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (749)<br>|
| CLP | 19820800 | USD | 20949 | Goldman Sachs & Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| JPY | 96740430 | USD | 686441 | State Street Bank & Trust Company | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4524)<br>|
| USD | 101114 | MXN | 2000650 | State Street Bank & Trust Company | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 35382 | TWD | 1129085 | UBS AG | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (237)<br>|
| ZAR | 1713262 | USD | 91896 | State Street Bank & Trust Company | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (273)<br>|
| USD | 1454000 | TRY | 63816060 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44355)<br>|
| NGN | 1712656412 | USD | 1078499 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76627)<br>|
| NGN | 886559850 | USD | 537309 | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC<br>| 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18688)<br>|
| USD | 1455000 | TRY | 67562925 | UBS AG | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35687)<br>|
| USD | 676000 | TRY | 31750030 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4559)<br>|
| EGP | 149752707 | USD | 2670341 | Morgan Stanley & Co. LLC | 12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11549)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90624095)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(80500623)<br>|

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.50% | Annual | Deutsche Bank AG | 07/10/25 | 3.50 | USD | 104896 | $1197221 |

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.25% | Annual | BNP Paribas S.A. | 06/09/25 | 4.25 | USD | 59920 | $(36767)<br>|
| 10-Year Interest Rate Swap, | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.30% | Annual | Deutsche Bank AG | 07/10/25 | 4.30 | USD | 104896 | (167319)<br>|
|  |  |  |  |  |  |  |  |  |  | $(204086)<br>|

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *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.EM.43.V1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; $23047 | &nbsp;&nbsp;&nbsp;&nbsp; $18902 | &nbsp;&nbsp;&nbsp;&nbsp; $4145 |
| iTraxx.ASIA.XJ.IG.43.V1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; (566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| iTraxx.XO.43.V1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp;&nbsp; (207137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (188204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18933)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(184656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(171681)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12975)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 28-Day MXIBTIIE, <br> 9.34%<br>| Monthly | 10.14% | Monthly | N/A | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 19224 | &nbsp;&nbsp; $7927 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $7925 |
| 9.31% | Monthly | &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | N/A | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 168220 | &nbsp;&nbsp; (81857)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (81867)<br>|
| &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | 8.47% | Monthly | N/A | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 338686 | &nbsp;&nbsp; 85019 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 84995 |
| 8.02% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 31371 | &nbsp;&nbsp; (13406)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (13411)<br>|
| 8.45% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 11154 | &nbsp;&nbsp; (7237)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (7238)<br>|
| 8.18% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | N/A | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 10177 | &nbsp;&nbsp; (5230)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (5231)<br>|
| 8.15% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | 5/07/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 57473 | &nbsp;&nbsp; (29236)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (29246)<br>|
| 7.97% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | 6/06/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/06/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40149 | &nbsp;&nbsp; (17587)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (17594)<br>|
| 6.80% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | 9/05/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/05/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40192 | &nbsp;&nbsp; 4571 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4563 |
| 5.24% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/19/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 25718 | &nbsp;&nbsp; (68316)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (68344)<br>|
| 6.92% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | 9/23/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 44367 | &nbsp;&nbsp; 1670 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1662 |
| 3.43% | Annual | &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 1269399 | &nbsp;&nbsp; 7211 | &nbsp;&nbsp; 1262188 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 4.17% | At Termination | 10/23/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 16837 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16833 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 4.21% | At Termination | 10/27/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 36239 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 36232 |
| &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | 9.26% | Monthly | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 62232 | &nbsp;&nbsp; 80544 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 80533 |
| 5.13% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 13434 | &nbsp;&nbsp; (55910)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (55925)<br>|
| 5.14% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 22391 | &nbsp;&nbsp; (94639)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (94663)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.50%<br>| Semi-Annual | 6.50% | Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 817826 | &nbsp;&nbsp; 22147 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 22138 |
| 7.25% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 52895 | &nbsp;&nbsp; (8272)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (8286)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. CZK <br> PRIBOR, <br> 3.52%<br>| Semi-Annual | 3.06% | Annual | 6/18/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/18/27 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 25338 | &nbsp;&nbsp; (2824)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (2829)<br>|
| 3.88% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | 6/18/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/18/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 3547 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.50%<br>| Semi-Annual | 5.76% | Annual | 9/17/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1282000 | &nbsp;&nbsp; 6172 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 6155 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 4.20% | Annual | 10/23/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 19370 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 19366 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.92% | Annual | 11/03/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 7508 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7506 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.95% | Annual | 11/03/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 7780 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7778 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.99% | Annual | 11/03/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 957 | &nbsp;&nbsp; 16195 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16191 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.84% | Annual | 11/17/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 32019 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 32009 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.83%<br>| At Termination | 1.58% | At Termination | N/A | &nbsp;&nbsp; 03/19/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 32627 | &nbsp;&nbsp; 21488 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 21444 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | 9.04% | Monthly | N/A | &nbsp;&nbsp; 11/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 129270 | &nbsp;&nbsp; $355683 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $355629 |
| 8.97% | Monthly | &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | N/A | &nbsp;&nbsp; 12/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 33633 | &nbsp;&nbsp; (88290)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (88305)<br>|
| &nbsp;&nbsp;&nbsp; INR - 1-Day <br> MIBOR, 6.00%<br>| At Termination | 6.12% | At Termination | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1511373 | &nbsp;&nbsp; 351147 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 350947 |
| &nbsp;&nbsp;&nbsp; INR - 1-Day <br> MIBOR, 6.00%<br>| At Termination | 6.12% | At Termination | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1511373 | &nbsp;&nbsp; 345708 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 345508 |
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | 2.42% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 21129 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 20737 |
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | 2.43% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 45022 | &nbsp;&nbsp; 6876 | &nbsp;&nbsp; 38146 |
| 8.65% | Monthly | &nbsp;&nbsp;&nbsp; MXN - Overnight <br> TIIE Funding <br> Rate, 9.08%<br>| Monthly | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 41509 | &nbsp;&nbsp; (83107)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (83125)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.92% | Annual | N/A | &nbsp;&nbsp; 02/26/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 2496745 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 2495831 |
| &nbsp;&nbsp;&nbsp; 6-mo. CZK <br> PRIBOR, <br> 3.52%<br>| Semi-Annual | 3.46% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 75702 | &nbsp;&nbsp; 29636 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 29602 |
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | 4.88% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 5023 | &nbsp;&nbsp; 50648 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 50634 |
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | 4.91% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 6409 | &nbsp;&nbsp; 66291 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 66274 |
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 5.10%<br>| Semi-Annual | 4.94% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 8371 | &nbsp;&nbsp; 90058 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 90035 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.50%<br>| Semi-Annual | 6.55% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 336357 | &nbsp;&nbsp; 26318 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 26309 |
| 7.94% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.54%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 124224 | &nbsp;&nbsp; (131229)<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; (131302)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. CZK <br> PRIBOR, <br> 3.52%<br>| Semi-Annual | 3.56% | Annual | 6/18/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/18/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 23138 | &nbsp;&nbsp; 14938 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14927 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.88% | Annual | N/A | &nbsp;&nbsp; 04/01/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 496223 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 496005 |
| &nbsp;&nbsp;&nbsp; INR - 1-Day <br> MIBOR, 6.00%<br>| At Termination | 6.44% | At Termination | N/A | &nbsp;&nbsp; 09/18/34 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 951068 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 950721 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | 3.70% | Annual | N/A | &nbsp;&nbsp; 01/06/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34657 | &nbsp;&nbsp; 162595 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 162038 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $6451459 | &nbsp;&nbsp; $17463 | &nbsp;&nbsp; $6433996 |

---

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

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

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 9.73% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 05/10/25 | COP | $5311016 | $5233 | $— | $5233 |
| 9.81% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 05/10/25 | COP | 7939133 | 6282 |  | 6282 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 10.98% | At Termination | BNP Paribas S.A. | N/A | 07/01/25 | BRL | $33990 | $(70713)<br>| $— | $(70713)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 11.50% | At Termination | Citibank N.A. | N/A | 07/01/25 | BRL | 10151 | (15203)<br>|  | (15203)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 11.83% | At Termination | Barclays Bank PLC | N/A | 07/01/25 | BRL | 11553 | (13267)<br>|  | (13267)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 12.16% | At Termination | BNP Paribas S.A. | N/A | 07/01/25 | BRL | 47913 | (43488)<br>|  | (43488)<br>|
| 8.54% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/09/25 | COP | 4924892 | 10661 |  | 10661 |
| 4.84% | At Termination | &nbsp;&nbsp;&nbsp; CLP Interbank <br> Rate, <br> 25,197.48%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 10/21/25 | CLP | 889638 | 1158 |  | 1158 |
| 5.03% | At Termination | &nbsp;&nbsp;&nbsp; CLP Interbank <br> Rate, <br> 25,197.48%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 11/20/25 | CLP | 546014 | (757)<br>|  | (757)<br>|
| 5.20% | At Termination | &nbsp;&nbsp;&nbsp; CLP Interbank <br> Rate, <br> 25,197.48%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 11/20/25 | CLP | 2578632 | (7554)<br>|  | (7554)<br>|
| 14.18% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | 01/02/26 | BRL | 19178 | (6127)<br>|  | (6127)<br>|
| 7.25% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | Barclays Bank PLC | N/A | 09/25/26 | COP | 1912726 | 6808 |  | 6808 |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 9.79% | At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 724 | (11340)<br>|  | (11340)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 9.71% | At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 1353 | (21653)<br>|  | (21653)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 9.96% | At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 910 | (13017)<br>|  | (13017)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 10.81% | At Termination | &nbsp;&nbsp;&nbsp; Bank of America <br> N.A.<br>| N/A | 01/04/27 | BRL | 1182 | (11946)<br>|  | (11946)<br>|
| 11.57% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 8420 | 56603 |  | 56603 |
| 11.49% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 15879 | 115567 |  | 115567 |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 11.68% | At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 3818 | (25269)<br>|  | (25269)<br>|
| 12.21% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 3428 | 16081 |  | 16081 |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 12.57% | At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 19279 | (68028)<br>|  | (68028)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 13.42% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 01/04/27 | BRL | $2103 | $(1701)<br>| $— | $(1701)<br>|
| 15.41% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 10128 | (57098)<br>|  | (57098)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 14.58% | At Termination | &nbsp;&nbsp;&nbsp; Bank of America <br> N.A.<br>| N/A | 01/04/27 | BRL | 2841 | 6108 |  | 6108 |
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 13.83% | At Termination | BNP Paribas S.A. | N/A | 01/04/27 | BRL | 6588 | (929)<br>|  | (929)<br>|
| 4.91% | At Termination | &nbsp;&nbsp;&nbsp; CLP Interbank <br> Rate, <br> 25,197.48%<br>| At Termination | &nbsp;&nbsp;&nbsp; Bank of America <br> N.A.<br>| N/A | 03/14/27 | CLP | 1025923 | (10083)<br>|  | (10083)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 12.46% | At Termination | BNP Paribas S.A. | N/A | 01/02/29 | BRL | 83710 | (511357)<br>|  | (511357)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.05%<br>| At Termination | 14.03% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 8079 | 34712 |  | 34712 |
| 8.64% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 04/04/30 | COP | 19249256 | (59262)<br>|  | (59262)<br>|
| 8.34% | At Termination | &nbsp;&nbsp;&nbsp; Colombia IBR <br> Overnight <br> Interbank <br> Reference <br> Rate, 8.95%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| 9/17/25 <br><sup>(a)</sup><br>| 09/17/30 | COP | 18894963 | (4920)<br>|  | (4920)<br>|
|  |  |  |  |  |  |  |  |  | $(694499)<br>| $— | $(694499)<br>|

---

&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 Fund*<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>|
| Republic of Turkey | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 368 | $40755 | $28576 | $12179 |
| United Mexican States | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 302 | &nbsp;&nbsp;&nbsp; 5186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  |  |  |  |  |  |  | $45941 | $33369 | $12572 |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<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>|
| Republic of Chile | 1.00 | Quarterly | Bank of America N.A. | 06/20/30<br> A | USD | 296 | $4510 | $5361 | $(851)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; 1-DAY SOFR minus <br> 1.30%, 4.41<br>| At <br> Termination<br>| Goldman Sachs <br> International<br>| N/A | 06/13/25 | USD | 143 | $166359 | $— | $166359 |
| &nbsp;&nbsp;&nbsp; 1-DAY SOFR minus <br> 0.05%, 4.41%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares Broad USD High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 06/20/25 | USD | 296 | (169316)<br>|  | (169316)<br>|
| &nbsp;&nbsp;&nbsp; 1-DAY SOFR minus <br> 0.80%, 4.41%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Merrill Lynch <br> International<br>| N/A | 06/20/25 | USD | 160 | (169734)<br>|  | (169734)<br>|
| &nbsp;&nbsp;&nbsp; 1-DAY SOFR minus <br> 0.80%, 4.41%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Merrill Lynch <br> International<br>| N/A | 06/20/25 | USD | 441 | (467574)<br>|  | (467574)<br>|
| &nbsp;&nbsp;&nbsp; 1-DAY SOFR plus <br> 0.05%, 4.41%<br>| Quarterly | &nbsp;&nbsp;&nbsp; iShares Broad USD High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 06/20/25 | USD | 252 | (145128)<br>|  | (145128)<br>|
|  |  |  |  |  |  |  |  |  | $(785393)<br>| $— | $(785393)<br>|

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1430739421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1430739421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1958094838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1958094838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; 20800986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20800986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 3574785359 | &nbsp;&nbsp; 1689666 | &nbsp;&nbsp; 3576475025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 313793446 | &nbsp;&nbsp; 7878327 | &nbsp;&nbsp; 321671773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 535580285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 535580285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1154021988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1154021988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 96383800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96383800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 754974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 754974 |
| &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; 824544189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 824544189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1197221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1197221 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 10792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10792 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (262205350)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (262205350)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Flexible Income Active ETF**

**(Formerly BlackRock Flexible Income ETF)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Investments (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14665)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14665)<br>|
|  | &nbsp;&nbsp; $942483949 | &nbsp;&nbsp; $8708910845 | &nbsp;&nbsp; $9567993 | &nbsp;&nbsp; $9660962787 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 166359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 10123472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10123472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 15460302 | &nbsp;&nbsp; 7380575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22840877 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (507072)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (507072)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (951752)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (951752)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (90624095)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90624095)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (7643413)<br>| &nbsp;&nbsp; (1845164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9488577)<br>|
|  | &nbsp;&nbsp; $7816889 | &nbsp;&nbsp; $(76239147)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(68422258)<br>|

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, 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. 

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

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| PEN | Peru Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Agreed Rate |
| JSC | Joint Stock Company |
| MXIBTIIE | Mexico Interbank TIIE 28 Day |

---

---

| | |
|:---|:---|
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| ST | Special Tax |
| STRIPS | &nbsp;&nbsp;&nbsp; Separate Trading of Registered Interest & Principal of <br>Securities<br>|
| TBA | To-Be-Announced |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Flexible Income Active ETF

- **b. EDGAR series identifier (if any):** S000080411

- **c. LEI of Series:** 5299008ELWKMLX9XJP73

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $10539415729.52

**Total Liabilities:** $1837144517.18

**Net Assets:** $8702271212.34

**Delayed Delivery Securities:** $106792782.55

**Cash Not Reported:** $83175092.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 466469.77000000 | **1-Year:** 67615.11000000 | **5-Year:** 542914.93000000 | **10-Year:** 545330.17000000 | **30-Year:** 344921.71000000

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

- **3-Month:** 158059.90000000 | **1-Year:** 79131.41000000 | **5-Year:** 922885.44000000 | **10-Year:** 75277.96000000 | **30-Year:** 86902.68000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242803 | 1.03%                | -0.39%               | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3665269.86             | $49647176.00                               |
| Month 2  | $4547714.44              | $10736484.95                               |
| Month 3  | $-27653506.78            | $99020897.98                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NELNET STUDENT LOAN TRUST                               | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      664000 | PA      | $565579.60    | 0.01%             | 2062-04-20      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG                                        | Tele Columbus AG                                                                 | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |     7665145 | PA      | $6935916.43   | 0.08%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     1230000 | PA      | $1184757.89   | 0.01%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOBIAN FINANCE BV                                       | NOBIAN FINANCE BV 2025 EUR TERM LOAN B                                           | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | LON              | CORP              | NL        |     1894737 | PA      | $2090645.99   | 0.02%             | 2030-07-31      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   402440000 | PA      | $1139396.79   | 0.01%             | 2035-10-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1794520 | PA      | $1672049.55   | 0.02%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Green Lakes Park CLO LLC                                | Green Lakes Park CLO LLC 2019-2                                                  | CUSIP: 39310AAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1000000 | PA      | $991631.50    | 0.01%             | 2038-01-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 9.785000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |      723780 | OU      | $-11340.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                          | Mastercard Inc                                                                   | CUSIP: 57636QAT1<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     9094000 | PA      | $5944011.10   | 0.07%             | 2051-03-15      | Fixed         | 2.95%                 | 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        |     9938000 | PA      | $8646728.63   | 0.10%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Trimaran CAVU Ltd                                       | Trimaran CAVU 2024-1 Ltd                                                         | CUSIP: 89625LAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1980557.60   | 0.02%             | 2038-01-25      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                                | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |      258828 | PA      | $249121.61    | 0.00%             | 2027-02-11      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                 | Studio City Finance Ltd                                                          | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     2211000 | PA      | $1939223.88   | 0.02%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      948000 | PA      | $876044.81    | 0.01%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| GOLDSTORY SASU                                          | Goldstory SAS                                                                    | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     4916000 | PA      | $5569093.12   | 0.06%             | 2030-02-01      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                                      | Herens Holdco Sarl                                                               | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |     1682000 | PA      | $1467132.39   | 0.02%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1341000 | PA      | $1341587.36   | 0.02%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                          | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |      340000 | PA      | $449907.46    | 0.01%             | 2056-10-21      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                 | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      678000 | PA      | $642954.79    | 0.01%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Bay View Federal Savings And Loan Assoc.                | BAY 2025-LIVN Mortgage Trust                                                     | CUSIP: 072925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7140000 | PA      | $7140000.00   | 0.08%             | 2035-05-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                                | iliad SA                                                                         | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |     3600000 | PA      | $4328055.38   | 0.05%             | 2030-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-3 Ltd                                                     | CUSIP: 69688JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      275000 | PA      | $272304.04    | 0.00%             | 2035-01-15      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2754000 | PA      | $2546309.57   | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                                    | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     1666000 | PA      | $1566416.85   | 0.02%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2025-NQM3                                        | CUSIP: 105927AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1354766 | PA      | $1358873.24   | 0.02%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AS3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     1115000 | PA      | $1078941.35   | 0.01%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                  | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     5000000 | PA      | $5565128.14   | 0.06%             | 2027-06-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Betony CLO 2, Ltd.                                      | Betony CLO 2 Ltd                                                                 | CUSIP: 08763QAA0<br>LEI: 5493000QRX4XEMRJZO43 | Long             | ABS-CBDO         | CORP              | KY        |     1582650 | PA      | $1582465.12   | 0.02%             | 2031-04-30      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     1830000 | PA      | $1830543.51   | 0.02%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     7613000 | PA      | $7704788.42   | 0.09%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      235000 | PA      | $238730.63    | 0.00%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2016-GC37                                    | CUSIP: 17290XAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $981821.10    | 0.01%             | 2049-04-10      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $30111.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4433509 | PA      | $4430738.28   | 0.05%             | 2041-04-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM                                         | DP World Salaam                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |      580000 | PA      | $578912.50    | 0.01%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2022-3 Ltd                                                              | CUSIP: 92891LAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      400000 | PA      | $400987.20    | 0.00%             | 2036-10-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      135000 | PA      | $136395.50    | 0.00%             | 2032-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 16432500000 | PA      | $3553413.36   | 0.04%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1287000 | PA      | $1209863.06   | 0.01%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-H                                 | CUSIP: 63942AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2981627 | PA      | $2965068.53   | 0.03%             | 2069-04-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $6834.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                                         | Hanesbrands Inc                                                                  | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     3020000 | PA      | $3128706.92   | 0.04%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      199652 | PA      | $150237.99    | 0.00%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      220000 | PA      | $37070.00     | 0.00%             | 2023-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |      820000 | PA      | $791205.54    | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                | Amentum Government Services Holdings LLC 2024 Term Loan B                        | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     5648842 | PA      | $5569419.77   | 0.06%             | 2031-09-29      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: HUF 5.755000 17-SEP-2027 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  1282000000 | OU      | $6171.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     5525000 | PA      | $5643017.26   | 0.06%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 13.825000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     6588000 | OU      | $-928.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-54686.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2617000 | PA      | $2618791.47   | 0.03%             | 2028-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 000000000<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |      606000 | PA      | $615090.00    | 0.01%             | 2029-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      557000 | PA      | $626580.75    | 0.01%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     8967000 | PA      | $1439495.56   | 0.02%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     1186000 | PA      | $1228733.16   | 0.01%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO VIII Ltd                                             | CUSIP: 08180XAU6<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $498162.05    | 0.01%             | 2031-01-20      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      946000 | PA      | $824176.49    | 0.01%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2021-LTV2                                             | CUSIP: 46654VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      532282 | PA      | $458034.76    | 0.01%             | 2052-05-25      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| I-Logic Technologies Bidco Limited                      | I-Logic Technologies Bidco Limited 2025 EUR Term Loan B                          | CUSIP: 00510DAG9<br>LEI: 213800PHEXJH1L7ZN896 | Long             | LON              | CORP              | US        |     2000000 | PA      | $2188282.02   | 0.03%             | 2028-02-16      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| PACHELBEL BIDCO SPA                                     | Pachelbel Bidco SpA                                                              | CUSIP: 000000000<br>LEI: 8156005DA07CDD50CC46 | Long             | DBT              | CORP              | IT        |     1000000 | PA      | $1195396.32   | 0.01%             | 2031-05-17      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TYSN 2023-CRNR Mortgage Trust                           | TYSN 2023-CRNR Mortgage Trust                                                    | CUSIP: 87332PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4304000 | PA      | $4537989.97   | 0.05%             | 2033-12-10      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      497562 | PA      | $350830.97    | 0.00%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MFB Magyar Fejlesztesi Bank Zrt                         | MFB Magyar Fejlesztesi Bank Zrt                                                  | CUSIP: 000000000<br>LEI: 549300KCFVCFTUJZYT59 | Long             | DBT              | NUSS              | HU        |     1069000 | PA      | $1099070.97   | 0.01%             | 2028-06-29      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |     2855000 | PA      | $2764904.77   | 0.03%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     7400000 | PA      | $7241947.10   | 0.08%             | 2032-01-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      629000 | PA      | $584189.03    | 0.01%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| GRIFOLS SA                                              | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     1500000 | PA      | $1751860.33   | 0.02%             | 2030-05-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM4 Trust                                                              | CUSIP: 67118TAA2<br>LEI: 254900LSNFNEGAD7J679 | Long             | ABS-MBS          | CORP              | US        |     3567499 | PA      | $3588405.76   | 0.04%             | 2064-01-25      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWAP/CDSWAP/SCDS: (CHILE)                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |      296000 | OU      | $4510.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta 31 Funding Ltd.                                 | Regatta 31 Funding Ltd                                                           | CUSIP: 758962AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1968744.00   | 0.02%             | 2038-03-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     9556000 | PA      | $10879235.72  | 0.13%             | 2035-03-21      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     1069000 | PA      | $1240522.09   | 0.01%             | 2031-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                        | MGM Resorts International                                                        | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      628000 | PA      | $605545.11    | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      750000 | PA      | $743085.38    | 0.01%             | 2033-12-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-7                                                | CUSIP: 924925AA8<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |     7224284 | PA      | $7184970.57   | 0.08%             | 2069-09-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |     2297000 | PA      | $2693753.58   | 0.03%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 2 LTD                                                         | CUSIP: 67707ECA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1550000 | PA      | $1523206.24   | 0.02%             | 2038-01-21      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |     6928000 | PA      | $6232764.81   | 0.07%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADVANZ PHARMA CORP                                      | Advanz Pharma Corp 2024 EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | LON              | CORP              | LU        |     3000000 | PA      | $3326774.13   | 0.04%             | 2031-10-22      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2015-3 Ltd                                                      | CUSIP: 09628JAL5<br>LEI: 5493009UJ1T6R11V4458 | Long             | ABS-CBDO         | CORP              | KY        |     1500069 | PA      | $1498471.97   | 0.02%             | 2031-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| IRCA SPA/GALLARATE                                      | Irca SpA/Gallarate                                                               | CUSIP: 000000000<br>LEI: 815600CDE52BA2426216 | Long             | DBT              | CORP              | IT        |     4829000 | PA      | $5443182.45   | 0.06%             | 2029-12-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                    | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     1558000 | PA      | $1544562.09   | 0.02%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Brignole CO                                             | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |      111874 | PA      | $126576.49    | 0.00%             | 2042-02-24      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      687000 | PA      | $663189.54    | 0.01%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |           1 | NC      | $-4523.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                      | Ardonagh Finco Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    11643000 | PA      | $13346242.79  | 0.15%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      584000 | PA      | $524183.62    | 0.01%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEREOS FINANCE GROUPE I                                 | Tereos Finance Groupe I SA                                                       | CUSIP: 000000000<br>LEI: 969500183Z46A3QF8W69 | Long             | DBT              | CORP              | FR        |     2559000 | PA      | $2998106.15   | 0.03%             | 2028-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 40 Senior Loan Fund                                                       | CUSIP: 26244GAS4<br>LEI: 549300BH0PFEW6WVTN52 | Long             | ABS-CBDO         | CORP              | KY        |     5115606 | PA      | $5103166.98   | 0.06%             | 2031-08-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                                | Techem Verwaltungsgesellschaft 675 mbH                                           | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |     2669000 | PA      | $3103524.45   | 0.04%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2022-NQM5                                    | CUSIP: 64831VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2407703 | PA      | $2405168.35   | 0.03%             | 2052-11-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                              | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7507000 | PA      | $7453511.87   | 0.09%             | 2033-03-10      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2018-2-GS                                                | CUSIP: 61946LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      123905 | PA      | $115445.15    | 0.00%             | 2044-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     3373000 | PA      | $3188702.32   | 0.04%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| TUNISIAN REPUBLIC                                       | Tunisian Republic                                                                | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |     1272000 | PA      | $1392352.58   | 0.02%             | 2026-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      250000 | PA      | $237613.12    | 0.00%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                | FSWP: PLN 3.880000 18-JUN-2027 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3547000 | OU      | $505.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                                | Magyar Export-Import Bank Zrt                                                    | CUSIP: 000000000<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |     1136000 | PA      | $1377008.89   | 0.02%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2021-14 Ltd                                                                 | CUSIP: 12511GAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $997000.00    | 0.01%             | 2034-04-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.920000 26-FEB-2030 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   100000000 | OU      | $2496745.23   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2024-5 Ltd                                                     | CUSIP: 87122YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $998038.80    | 0.01%             | 2036-04-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                     | Suzano Austria GmbH                                                              | CUSIP: 86964WAH5<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |      690000 | PA      | $670680.00    | 0.01%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                | Sinclair Television Group Inc                                                    | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     2681000 | PA      | $1622146.77   | 0.02%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| VAR ENERGI ASA                                          | Var Energi ASA                                                                   | CUSIP: 000000000<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |     5100000 | PA      | $6272239.27   | 0.07%             | 2083-11-15      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2023-4                                                   | CUSIP: 618934AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      125402 | PA      | $127619.90    | 0.00%             | 2053-05-20      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CEDR TRUST                                              | CEDR Commercial Mortgage Trust 2022-SNAI                                         | CUSIP: 12524AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $288003.36    | 0.00%             | 2039-02-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                              | MMAF Equipment Finance LLC 2024-A                                                | CUSIP: 55318CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1676778 | PA      | $1714922.02   | 0.02%             | 2049-07-13      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                | BXMT 2025-FL5 Ltd                                                                | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    12785000 | PA      | $12636508.62  | 0.15%             | 2042-10-18      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8773972 | PA      | $8779455.74   | 0.10%             | 2040-12-09      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                  | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     2494000 | PA      | $2363259.91   | 0.03%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1667661 | PA      | $1648870.88   | 0.02%             | 2053-01-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 11 Ltd                                                                   | CUSIP: 00851RAA8<br>LEI: 549300G9RL3BICT9HA62 | Long             | ABS-CBDO         | CORP              | KY        |      350000 | PA      | $339852.24    | 0.00%             | 2034-04-15      | Floating      | 10.88%                | No            |                  2 | On Loan: No      |
| Arini European CLO                                      | Arini European CLO V DAC                                                         | CUSIP: 000000000<br>LEI: 635400HVHHJPCXB66K47 | Long             | ABS-CBDO         | CORP              | IE        |     1560000 | PA      | $1715734.21   | 0.02%             | 2039-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2019-VI Ltd                                                         | CUSIP: 12555XAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4000000.00   | 0.05%             | 2037-07-16      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2027420 | PA      | $2065211.11   | 0.02%             | 2069-11-25      | Variable      | 6.65%                 | 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        |     2402000 | PA      | $2457248.40   | 0.03%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| NETFLIX INC                                             | Netflix Inc                                                                      | CUSIP: 64110LBA3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      679000 | PA      | $658802.49    | 0.01%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2024-CES1                                       | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1895151 | PA      | $1918303.77   | 0.02%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-62.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      300000 | PA      | $288000.00    | 0.00%             | 2032-04-17      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 19 Ltd                                      | Elmwood CLO 19 Ltd                                                               | CUSIP: 29004YAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2015807.20   | 0.02%             | 2036-10-17      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| DK Trust                                                | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4910000 | PA      | $4903862.50   | 0.06%             | 2034-03-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     4727000 | PA      | $4408466.85   | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2014-A                                      | CUSIP: 63939CAD9<br>LEI: 54930094LU45XF2CP718 | Long             | ABS-O            | CORP              | US        |       44706 | PA      | $44732.89     | 0.00%             | 2031-10-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                  | EDP SA                                                                           | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |      700000 | PA      | $789030.38    | 0.01%             | 2080-07-20      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc            | BAMLL Trust 2024-BHP                                                             | CUSIP: 05493WAA0<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |     1800000 | PA      | $1800573.12   | 0.02%             | 2039-08-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1050000 | PA      | $1047270.00   | 0.01%             | 2031-04-19      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| TURKIYE VARLIK FONU                                     | Turkiye Varlik Fonu Yonetimi AS                                                  | CUSIP: 000000000<br>LEI: 789000MAPAG7J8DI3112 | Long             | DBT              | CORP              | TR        |      250000 | PA      | $254921.88    | 0.00%             | 2029-02-14      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-INV1                                             | CUSIP: 92539FAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2442773 | PA      | $2448054.46   | 0.03%             | 2068-02-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      241115 | PA      | $222790.58    | 0.00%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MDW7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     5625000 | PA      | $5351204.25   | 0.06%             | 2035-06-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 16 Ltd                                      | Elmwood CLO 16 Ltd                                                               | CUSIP: 29002UAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1249971.50   | 0.01%             | 2037-04-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Mobico Group PLC                                        | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |     2700000 | PA      | $2936131.36   | 0.03%             | 2031-09-26      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                                 | Wintershall Dea Finance 2 BV                                                     | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |     8388000 | PA      | $9502255.07   | 0.11%             | 2030-05-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                             | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |    34971961 | OU      | $-467573.77   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| POSTE ITALIANE SPA                                      | Poste Italiane SpA                                                               | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | DBT              | CORP              | IT        |     4555000 | PA      | $4832465.57   | 0.06%             | 2029-03-24      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                               | Pike Corp                                                                        | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |      755000 | PA      | $741472.14    | 0.01%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mila B.V.                                               | Mila 2024-1 BV                                                                   | CUSIP: 000000000<br>LEI: 7245000GAIRCK7Y7VJ68 | Long             | ABS-O            | CORP              | NL        |      405000 | PA      | $458024.95    | 0.01%             | 2041-09-16      | Floating      | 2.82%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                                      | Ally Financial Inc                                                               | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      200000 | PA      | $200267.10    | 0.00%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |           1 | NC      | $-272.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CZ        |           1 | NC      | $-69855.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Mountain CLO 1 Ltd                                  | New Mountain CLO 1 Ltd                                                           | CUSIP: 64755RBA0<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |     2525000 | PA      | $2499871.45   | 0.03%             | 2038-01-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                   | SS&C Technologies Inc                                                            | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     3140000 | PA      | $3124517.60   | 0.04%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3738000 | PA      | $3832851.75   | 0.04%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Vivalto Sante SAS                                       | Vivalto Sante SAS 2021 EUR Term Loan                                             | CUSIP: 000000000<br>LEI: 969500LFM6S869DF2T62 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2248005.90   | 0.03%             | 2028-07-21      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      327000 | PA      | $231352.50    | 0.00%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-1 Ltd                                            | CUSIP: 69701CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       41137 | PA      | $41045.98     | 0.00%             | 2030-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-5                                       | CUSIP: 85573QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      621365 | PA      | $532728.96    | 0.01%             | 2066-09-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     2302134 | PA      | $2091594.82   | 0.02%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                                | Cloud Software Group Inc 2024 EUR 1st Lien Term Loan B                           | CUSIP: 88632NBG4<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     1498758 | PA      | $1688055.50   | 0.02%             | 2029-03-29      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Octagon Investments Partners 36, Ltd.                   | Octagon Investment Partners 36 Ltd                                               | CUSIP: 67591UAG2<br>LEI: 549300S890TBOLY1D042 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249649.98    | 0.00%             | 2031-04-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-II Ltd                                                         | CUSIP: 17180WAN5<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2494999.75   | 0.03%             | 2037-10-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| OSD CLO 2023-27, Ltd.                                   | OCP CLO Ltd                                                                      | CUSIP: 67570LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1240000 | PA      | $1213177.93   | 0.01%             | 2035-07-16      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-IND                                                                | CUSIP: 05609WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2356524 | PA      | $2355787.43   | 0.03%             | 2037-04-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                          | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     3329000 | PA      | $3305853.00   | 0.04%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Ballyrock Ltd                                           | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874XAQ2<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $990400.20    | 0.01%             | 2037-07-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAA4<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     4362000 | PA      | $4319149.02   | 0.05%             | 2026-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      243165 | PA      | $222323.89    | 0.00%             | 2053-01-15      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2021-4                                                    | CUSIP: 81748WAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      663579 | PA      | $614153.61    | 0.01%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6413000 | PA      | $5972911.72   | 0.07%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H2 Mortgage Trust                                                     | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4676607 | PA      | $4704227.85   | 0.05%             | 2069-04-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |      596000 | PA      | $581206.65    | 0.01%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUXL 30Y BND JUN25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |           2 | NC      | $11246.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos del Peru SA                                   | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |      399000 | PA      | $294013.13    | 0.00%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                      | Arini European Clo IV DAC                                                        | CUSIP: 000000000<br>LEI: 635400S1CQWFRKNVAN93 | Long             | ABS-CBDO         | CORP              | IE        |     1660000 | PA      | $1852059.66   | 0.02%             | 2038-01-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2009265 | PA      | $2056240.76   | 0.02%             | 2052-11-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                | Braccan Mortgage Funding 2024-1 PLC                                              | CUSIP: 000000000<br>LEI: 635400RGKRFPCFMYJF13 | Long             | ABS-MBS          | CORP              | GB        |     1152043 | PA      | $1533208.41   | 0.02%             | 2067-02-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     2177000 | PA      | $2150695.09   | 0.02%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Quarzo Srl                                              | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |      274130 | PA      | $310897.24    | 0.00%             | 2041-06-15      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |      174000 | PA      | $189727.29    | 0.00%             | 2026-09-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                         | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      501000 | PA      | $473773.76    | 0.01%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXIV Ltd                                                   | CUSIP: 55819GBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1494936.45   | 0.02%             | 2037-10-16      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                           | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      274000 | PA      | $276686.57    | 0.00%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-NET                                                                    | CUSIP: 126438AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      146438 | PA      | $144478.59    | 0.00%             | 2037-08-15      | Fixed         | 2.26%                 | 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        |      117000 | PA      | $116612.74    | 0.00%             | 2029-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                   | KKR Financial CLO 2013-1 Ltd                                                     | CUSIP: 48249VAY7<br>LEI: 549300ZUUB37M3VWNC17 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1998417.20   | 0.02%             | 2029-04-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-VAMF                                                               | CUSIP: 05609TAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       60000 | PA      | $59325.00     | 0.00%             | 2039-01-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2638978 | PA      | $2632516.14   | 0.03%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   192885000 | PA      | $195664700.45 | 2.25%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $425.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HESTIAFLOOR 2                                           | Hestiafloor 2 2024 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 969500P2FDMGGWHDLV86 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2256887.45   | 0.03%             | 2030-02-27      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                          | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     2614000 | PA      | $2533612.70   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| GCAT                                                    | GCAT 2020-NQM2 Trust                                                             | CUSIP: 36166RAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      221324 | PA      | $213583.18    | 0.00%             | 2065-04-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     2140000 | PA      | $2216186.05   | 0.03%             | 2028-03-12      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| OPEN Trust                                              | OPEN Trust 2023-AIR                                                              | CUSIP: 68373BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1537330 | PA      | $1536369.60   | 0.02%             | 2040-11-15      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      531000 | PA      | $513276.20    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cabinteely Park CLO                                     | Cabinteely Park CLO DAC                                                          | CUSIP: 000000000<br>LEI: 254900SLP85PQ7ZD2Y17 | Long             | ABS-CBDO         | CORP              | IE        |      700000 | PA      | $785934.77    | 0.01%             | 2034-08-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                        | ABN AMRO Bank NV                                                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     1500000 | PA      | $1695027.58   | 0.02%             | 2034-09-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                     | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |      610000 | PA      | $638127.10    | 0.01%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Atrium Hotel Portfolio Trust                            | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7900000 | PA      | $7938667.34   | 0.09%             | 2029-11-10      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     2146000 | PA      | $2238043.77   | 0.03%             | 2028-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2013000 | PA      | $2264465.08   | 0.03%             | 2026-04-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                        | ArcelorMittal SA                                                                 | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |     3000000 | PA      | $3394847.12   | 0.04%             | 2028-12-13      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                                            | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |      542000 | PA      | $614003.34    | 0.01%             | 2030-12-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                  | Canyon Capital CLO 2016-1 Ltd                                                    | CUSIP: 13887PAK1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      799259 | PA      | $799259.32    | 0.01%             | 2031-07-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     5025000 | PA      | $6428814.46   | 0.07%             | 2032-02-28      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $372456.52    | 0.00%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 15.410000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    10128442 | OU      | $-57098.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                     | Peer Holding III BV 2024 EUR Term Loan B7                                        | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |     2800000 | PA      | $3165574.03   | 0.04%             | 2031-11-26      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2013-I Ltd                                                          | CUSIP: 12549AAN0<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |      850000 | PA      | $851615.09    | 0.01%             | 2030-07-16      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |           1 | NC      | $-40783.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2015-4 Ltd                                  | CUSIP: 14311NAU8<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |     3219214 | PA      | $3215995.26   | 0.04%             | 2032-07-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                             | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     5277000 | PA      | $5041190.92   | 0.06%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Peace Park CLO, Ltd.                                    | Peace Park CLO Ltd                                                               | CUSIP: 70470MAC9<br>LEI: 549300XHXTUZ93V6SK42 | Long             | ABS-CBDO         | CORP              | KY        |     1237000 | PA      | $1238238.73   | 0.01%             | 2034-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                                    | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4126000 | PA      | $4155670.07   | 0.05%             | 2030-04-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-2                                                  | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |      328013 | PA      | $307285.00    | 0.00%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                     | Kinetik Holdings LP                                                              | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     2925000 | PA      | $2857871.22   | 0.03%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      787000 | PA      | $782625.07    | 0.01%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-CSMO                                           | CUSIP: 05610MAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2900000 | PA      | $2905437.50   | 0.03%             | 2027-06-15      | Floating      | 7.46%                 | 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        |      156000 | PA      | $155882.02    | 0.00%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     2640000 | PA      | $2501570.02   | 0.03%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                                | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 39531JAB0<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |      510000 | PA      | $490875.00    | 0.01%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $114004.18    | 0.00%             | 2034-03-21      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                  | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AJ3<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |      260000 | PA      | $256843.57    | 0.00%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Cencosud SA                                             | Cencosud SA                                                                      | CUSIP: 000000000<br>LEI: 549300NLTGCFV7482429 | Long             | DBT              | CORP              | CL        |      400000 | PA      | $395000.00    | 0.00%             | 2027-07-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALSTRIA OFFICE REIT-AG                                  | alstria office REIT-AG                                                           | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              |  | DE        |     4500000 | PA      | $4893965.19   | 0.06%             | 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        |     3000000 | PA      | $3424040.67   | 0.04%             | 2030-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                            | Calpine Corp                                                                     | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     2146000 | PA      | $2064217.23   | 0.02%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLVO TREASURY AB                                       | Volvo Treasury AB                                                                | CUSIP: 000000000<br>LEI: 549300PD69T87IGZG395 | Long             | DBT              | CORP              | SE        |      882000 | PA      | $999657.75    | 0.01%             | 2026-05-22      | Floating      | 2.91%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | Trestles Clo IV Ltd                                                              | CUSIP: 89532WAA7<br>LEI: 254900EO5I6CR0IOWS98 | Long             | ABS-CBDO         | CORP              | KY        |     2580000 | PA      | $2575717.46   | 0.03%             | 2034-07-21      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                           | UniCredit SpA                                                                    | CUSIP: 904678AQ2<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      200000 | PA      | $209201.54    | 0.00%             | 2034-04-02      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                               | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     5000000 | PA      | $4951542.00   | 0.06%             | 2042-08-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                 | Philippine Government International Bond                                         | CUSIP: 718286CY1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      600000 | PA      | $602250.00    | 0.01%             | 2028-07-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     1402000 | PA      | $1399225.02   | 0.02%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |      100000 | PA      | $113673.62    | 0.00%             | 2034-10-18      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2023-A                                            | CUSIP: 56847FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      774000 | PA      | $788595.47    | 0.01%             | 2035-10-22      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                             | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |     1906166 | PA      | $2543226.95   | 0.03%             | 2060-04-28      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                      | Whitebox Clo II Ltd                                                              | CUSIP: 96466CBA5<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $245850.15    | 0.00%             | 2037-10-24      | Floating      | 6.03%                 | 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        |     1560000 | PA      | $1584365.64   | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                     | Senegal Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      825000 | PA      | $782728.90    | 0.01%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc 2025 Term Loan B                                           | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |     3941000 | PA      | $3881885.00   | 0.04%             | 2032-02-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                                 | Alcoa Nederland Holding BV                                                       | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     1065000 | PA      | $1097226.90   | 0.01%             | 2031-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| INTRUM AB                                               | Intrum AB                                                                        | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |      970000 | PA      | $883487.46    | 0.01%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | BR        |           1 | NC      | $-229834.21   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                        | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     2894000 | PA      | $2527802.50   | 0.03%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                      | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |     8738000 | PA      | $12354560.98  | 0.14%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MEDCO MAPLE TREE PTE LTD                                | Medco Maple Tree Pte Ltd                                                         | CUSIP: 000000000<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |     4500000 | PA      | $4592835.00   | 0.05%             | 2029-04-27      | Fixed         | 8.96%                 | No            |                  2 | On Loan: —       |
| ADLER REAL ESTATE GMBH                                  | ADLER Real Estate GmbH                                                           | CUSIP: 000000000<br>LEI: 529900Y6QFNN3D363B76 | Long             | DBT              | CORP              | DE        |     9100000 | PA      | $10063143.61  | 0.12%             | 2026-04-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2018-H3                                           | CUSIP: 61767YBC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      650000 | PA      | $635621.03    | 0.01%             | 2051-07-15      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2549000 | PA      | $2573000.87   | 0.03%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | BR        |           1 | NC      | $-496.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $433.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VEGAS Trust                                             | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5390000 | PA      | $5042860.28   | 0.06%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| MOSEL BIDCO SE                                          | Mosel Bidco SE 2025 EUR Term Loan B                                              | CUSIP: 000000000<br>LEI: 984500Y5D569472B6455 | Long             | LON              | CORP              | DE        |     1000000 | PA      | $1128953.51   | 0.01%             | 2030-09-16      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1150000 | PA      | $1149886.84   | 0.01%             | 2031-04-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1353000 | PA      | $1335561.45   | 0.02%             | 2027-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IV Ltd                                      | Elmwood CLO IV Ltd                                                               | CUSIP: 29002GAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $749250.08    | 0.01%             | 2037-04-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |     4400000 | PA      | $4286706.34   | 0.05%             | 2029-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                  | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6805000 | PA      | $6766721.88   | 0.08%             | 2039-06-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 107 CLO Ltd                                                               | CUSIP: 26254FAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $251670.15    | 0.00%             | 2035-08-15      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                      | Shackleton 2017-XI Clo Ltd                                                       | CUSIP: 81883EAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250077.50    | 0.00%             | 2030-08-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Lake George Park CLO Ltd                                | Lake George Park CLO Ltd                                                         | CUSIP: 509828AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $938654.40    | 0.01%             | 2038-04-15      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     1159000 | PA      | $1162483.95   | 0.01%             | 2027-07-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     1214000 | PA      | $1104787.35   | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                          | Edge Finco PLC                                                                   | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |     9682000 | PA      | $13087079.33  | 0.15%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 22 Ltd                                                                   | CUSIP: 74923VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1890000 | PA      | $1892829.90   | 0.02%             | 2037-01-20      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Holdco 4 Limited                             | VMED O2 UK Holdco 4 Limited 2020 EUR Term Loan R                                 | CUSIP: 000000000<br>LEI: 213800ZRKYXK2SHQOW75 | Long             | LON              | CORP              | GB        |     2500000 | PA      | $2797687.63   | 0.03%             | 2029-01-31      | Floating      | 5.55%                 | 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        |      590000 | PA      | $543400.33    | 0.01%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bond                                 | CUSIP: 857524AF9<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      992000 | PA      | $1008864.00   | 0.01%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                          | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8030000 | PA      | $8030000.00   | 0.09%             | 2041-07-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas Clo VII Ltd                                                             | CUSIP: 89641CAU5<br>LEI: 549300F3XEPDOX3FOP69 | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $4960384.00   | 0.06%             | 2035-01-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      522000 | PA      | $469309.32    | 0.01%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Dryden Senior Loan Fund                                 | Dryden 53 CLO Ltd                                                                | CUSIP: 26243EAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2240740 | PA      | $2240885.45   | 0.03%             | 2031-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                  | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     5295000 | PA      | $5240378.85   | 0.06%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| CITIBANK NA                                             | SWP: OIS 9.955000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |      909719 | OU      | $-13016.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETRORIO LUX HLD SARL                                   | Petrorio Luxembourg Holding Sarl                                                 | CUSIP: 000000000<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $200175.00    | 0.00%             | 2026-06-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                    | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |      450000 | PA      | $395757.00    | 0.00%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                  | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     3992000 | PA      | $3946730.40   | 0.05%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AGL CLO 7 LTD                                           | AGL CLO 7 Ltd                                                                    | CUSIP: 008511AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      580000 | PA      | $579071.94    | 0.01%             | 2034-07-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2021-A                                           | CUSIP: 76042UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5550000 | PA      | $5363009.40   | 0.06%             | 2031-12-22      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      769000 | PA      | $776305.50    | 0.01%             | 2026-01-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortgage Trust                 | DBJPM 2017-C6 Mortgage Trust                                                     | CUSIP: 23312JAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      250000 | PA      | $236451.93    | 0.00%             | 2050-06-10      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                               | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2855000 | PA      | $2825878.43   | 0.03%             | 2038-04-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |      306000 | PA      | $292995.00    | 0.00%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                     | 522 Funding CLO 2019-5 Ltd                                                       | CUSIP: 33829WAC3<br>LEI: 549300HKB0UTKU91DG08 | Long             | ABS-CBDO         | CORP              | KY        |     3250000 | PA      | $3242227.63   | 0.04%             | 2035-04-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      692000 | PA      | $703072.00    | 0.01%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: MXN 10.140000 17-OCT-2025 MXI                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    19223965 | OU      | $7927.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2024-HYB1                                                 | CUSIP: 81749EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7169097 | PA      | $7141614.95   | 0.08%             | 2063-11-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 38144000000 | PA      | $2322196.84   | 0.03%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2021-B Trust                                      | CUSIP: 83405NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1725495 | PA      | $1509172.21   | 0.02%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |     3147507 | PA      | $3160559.14   | 0.04%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                     | Rocket Software Inc 2023 EUR Term Loan B                                         | CUSIP: 77313DAX9<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |     2000000 | PA      | $2262302.47   | 0.03%             | 2028-11-28      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3302440.50   | 0.04%             | 2029-03-13      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1673413.07   | 0.02%             | 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        |     6948000 | PA      | $6852956.22   | 0.08%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Milford Park CLO, Ltd.                                  | Milford Park CLO Ltd                                                             | CUSIP: 59966PAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     3000000 | PA      | $2977500.00   | 0.03%             | 2038-01-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| PFP III                                                 | PFP 2024-11 Ltd                                                                  | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1951241 | PA      | $1953890.20   | 0.02%             | 2039-09-17      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 11.682500 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     3818118 | OU      | $-25268.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HIH Trust                                               | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4090000 | PA      | $4079775.00   | 0.05%             | 2041-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2024-A                                                     | CUSIP: 00218KAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      829000 | PA      | $840719.41    | 0.01%             | 2032-11-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-1                                        | CUSIP: 758983AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3844000 | PA      | $3967864.44   | 0.05%             | 2036-07-15      | Fixed         | 7.46%                 | No            |                  2 | On Loan: No      |
| QUIMPER AB                                              | Quimper AB 2024 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 549300EI2YNCQDXVO313 | Long             | LON              | CORP              | SE        |     3000000 | PA      | $3390496.97   | 0.04%             | 2030-03-29      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     1421000 | PA      | $1472949.23   | 0.02%             | 2029-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HKL85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    22856596 | PA      | $22818601.74  | 0.26%             | 2055-03-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      365000 | PA      | $227014.44    | 0.00%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1160000 | PA      | $1133077.33   | 0.01%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      578000 | PA      | $594219.74    | 0.01%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     1068000 | PA      | $1079687.51   | 0.01%             | 2028-11-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2019-3 Ltd                                                           | CUSIP: 67400EBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2995391.70   | 0.03%             | 2038-01-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                          | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | MX        |      400000 | PA      | $408100.00    | 0.00%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Regatta XXVIII Funding Ltd.                             | Regatta XXVIII Funding Ltd                                                       | CUSIP: 75901PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $750801.08    | 0.01%             | 2037-04-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $2449.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                    | OHA Loan Funding 2015-1 Ltd                                                      | CUSIP: 67109BDE1<br>LEI: 25490072LQI0R2J4XC93 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499400.20    | 0.01%             | 2037-01-19      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| SCF Rahoituspalvelut DAC                                | SCF Rahoituspalvelut XIII DAC                                                    | CUSIP: 000000000<br>LEI: 875500BJTX1DZ2QIPK23 | Long             | ABS-O            | CORP              | IE        |      435762 | PA      | $494011.92    | 0.01%             | 2034-06-25      | Floating      | 2.71%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-1                                                  | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     1217590 | PA      | $1213965.15   | 0.01%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2015-C30                                   | CUSIP: 94989NBG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $994931.20    | 0.01%             | 2058-09-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                      | Tricon Residential 2024-SFR3 Trust                                               | CUSIP: 89616YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1375993 | PA      | $1361670.01   | 0.02%             | 2041-08-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032658<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   398047174 | PA      | $359192861.90 | 4.13%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XIX Ltd                                                             | CUSIP: 87165YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      893159 | PA      | $893158.57    | 0.01%             | 2031-04-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                  | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    10840000 | PA      | $12296496.18  | 0.14%             | 2027-04-10      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: OIS 8.644400 04-APR-2030 IBR                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        | 19249255597 | OU      | $-59262.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                 | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     1773000 | PA      | $1960072.71   | 0.02%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 43B Ltd                                               | CUSIP: 38180PAA4<br>LEI: 2549006E2S3MDN9M6Q69 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999434.30    | 0.01%             | 2037-10-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Partners XVI                                                          | CUSIP: 67115LAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1487849.85   | 0.02%             | 2037-10-18      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |           1 | NC      | $-8.05        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ATLX Trust                                              | ATLX 2024-RPL1 Trust                                                             | CUSIP: 049915AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6605064 | PA      | $6362533.52   | 0.07%             | 2064-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR15 Ltd                                                                         | CUSIP: 74980XAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $298109.97    | 0.00%             | 2036-04-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAL5<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      227000 | PA      | $204300.00    | 0.00%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      413000 | PA      | $488172.70    | 0.01%             | 2033-09-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GOLDSTORY SASU                                          | Goldstory SAS                                                                    | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     6452000 | PA      | $7482743.85   | 0.09%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     1135000 | PA      | $1143795.44   | 0.01%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      219000 | PA      | $293888.45    | 0.00%             | 2035-02-17      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| KSL Commercial Mortgage Trust                           | KSL Commercial Mortgage Trust 2024-HT2                                           | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7825000 | PA      | $7751640.63   | 0.09%             | 2039-12-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                            | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     2965000 | PA      | $2612807.81   | 0.03%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| PECO ENERGY CO                                          | PECO Energy Co                                                                   | CUSIP: 693304BC0<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |      401000 | PA      | $245901.45    | 0.00%             | 2051-09-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      270401 | PA      | $270401.30    | 0.00%             | 2031-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                | Ford Credit Auto Owner Trust 2023-REV2                                           | CUSIP: 34535CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      166000 | PA      | $170797.65    | 0.00%             | 2036-02-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1369000 | PA      | $1420204.71   | 0.02%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                             | FIGRE Trust 2025-HE1                                                             | CUSIP: 30191LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5641599 | PA      | $5693110.02   | 0.07%             | 2055-01-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| MCAFEE LLC                                              | McAfee LLC 2024 USD 1st Lien Term Loan B                                         | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |     2750000 | PA      | $2574687.66   | 0.03%             | 2029-03-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 000000000<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     7554000 | PA      | $9066675.82   | 0.10%             | 2031-11-13      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HHKD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     7570714 | PA      | $7590244.10   | 0.09%             | 2054-03-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-1                                                     | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      553340 | PA      | $539679.16    | 0.01%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                       | Italy Buoni Poliennali Del Tesoro                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    50682000 | PA      | $57916593.42  | 0.67%             | 2035-08-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     3437000 | PA      | $3305372.18   | 0.04%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     1352000 | PA      | $1377468.98   | 0.02%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Circet Europe                                           | Circet Europe 2021 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 969500GH3D3KICWW8M40 | Long             | LON              | CORP              | FR        |     1500000 | PA      | $1683455.51   | 0.02%             | 2028-10-13      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Quarzo Srl                                              | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |       91073 | PA      | $104192.62    | 0.00%             | 2041-06-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     1490000 | PA      | $1479679.96   | 0.02%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM6 Trust                                                              | CUSIP: 67116VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      349872 | PA      | $350744.88    | 0.00%             | 2062-07-25      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN LEASING GMBH                                 | Volkswagen Leasing GmbH                                                          | CUSIP: 000000000<br>LEI: 5299004GLEUX88BSNB74 | Long             | DBT              | CORP              | DE        |     6908000 | PA      | $7733606.83   | 0.09%             | 2026-06-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      742000 | PA      | $750219.13    | 0.01%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |           1 | NC      | $-8.67        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                               | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2487500.00   | 0.03%             | 2038-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     2312000 | PA      | $2353159.54   | 0.03%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                          | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      310000 | PA      | $303738.00    | 0.00%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      488000 | PA      | $477874.00    | 0.01%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                     | Prestige Brands Inc                                                              | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |      321000 | PA      | $289799.31    | 0.00%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3855245 | PA      | $3724174.21   | 0.04%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 8 Ltd                                                                         | CUSIP: 74980FAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2045000 | PA      | $2040652.94   | 0.02%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| AGL Core CLO 15 Ltd                                     | AGL Core CLO 15 Ltd                                                              | CUSIP: 00121GAA6<br>LEI: 5493001O95I190NV0196 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000000.00   | 0.01%             | 2035-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4596000 | PA      | $2744541.25   | 0.03%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-8                                                | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |     4854831 | PA      | $4848239.92   | 0.06%             | 2069-10-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    69060000 | PA      | $3341422.27   | 0.04%             | 2030-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milos CLO, LTD                                          | Milos CLO Ltd                                                                    | CUSIP: 60162PAE2<br>LEI: 254900GFWI4EEB8IJS18 | Long             | ABS-CBDO         | CORP              | KY        |      658376 | PA      | $656889.63    | 0.01%             | 2030-10-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $440710.30    | 0.01%             | 2062-04-20      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $-616883.69   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ORLEN SA                                                | ORLEN SA                                                                         | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |      285000 | PA      | $287137.50    | 0.00%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Regatta XIV Funding Ltd                                 | Regatta XIV Funding Ltd                                                          | CUSIP: 75888MAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      265652 | PA      | $265042.44    | 0.00%             | 2031-10-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| SGL GROUP APS                                           | SGL Group ApS                                                                    | CUSIP: 000000000<br>LEI: 636700YQKGLXCPPUYE74 | Long             | DBT              | CORP              | DK        |     3000000 | PA      | $3302731.82   | 0.04%             | 2031-02-24      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                      | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |     2619500 | PA      | $2855627.10   | 0.03%             | 2028-08-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                              | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     1451000 | PA      | $1423786.48   | 0.02%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust Series 2024-1                                  | CUSIP: 16160DAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      895466 | PA      | $905310.45    | 0.01%             | 2055-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL GLOBAL POWER                                 | San Miguel Global Power Holdings Corp                                            | CUSIP: 000000000<br>LEI: 549300HBCE80QXKII590 | Long             | DBT              | CORP              | PH        |     4800000 | PA      | $4582512.00   | 0.05%             | 2029-12-02      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 76 B Ltd                                              | CUSIP: 38180BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      350000 | PA      | $350000.00    | 0.00%             | 2037-10-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $14567.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1201527.86   | 0.01%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| OHA Loan Funding Ltd                                    | OHA Loan Funding 2013-2 Ltd                                                      | CUSIP: 67104LAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      157043 | PA      | $156903.06    | 0.00%             | 2031-05-23      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     2525000 | PA      | $2263612.23   | 0.03%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| New Mountain CLO Ltd                                    | New Mountain CLO 4 Ltd                                                           | CUSIP: 64754JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |     1000000 | PA      | $1000000.00   | 0.01%             | 2036-04-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                        | Cinemark USA Inc                                                                 | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     2924000 | PA      | $2990006.38   | 0.03%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Golden Bar Securitisation                               | Golden Bar Securitisation Srl                                                    | CUSIP: 000000000<br>LEI: 549300GESLGUWWGJRM09 | Long             | ABS-O            | CORP              | IT        |      220860 | PA      | $251522.36    | 0.00%             | 2043-09-22      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program LLC                          | ELFI Graduate Loan Program 2022-A LLC                                            | CUSIP: 28628CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      114221 | PA      | $112127.36    | 0.00%             | 2047-08-26      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                        | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |      721000 | PA      | $706197.51    | 0.01%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Golden Ray S.A.                                         | Golden Ray SA - Compartment 1                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      641248 | PA      | $726146.81    | 0.01%             | 2057-12-27      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $74585.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                  | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     3314000 | PA      | $3354407.60   | 0.04%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2017-B                                          | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |       86310 | PA      | $86139.07     | 0.00%             | 2035-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding, Inc.                | Project Alpha Intermediate Holding Inc 2024 Add-on Term Loan B                   | CUSIP: 74339DAQ1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2500000 | PA      | $2487850.00   | 0.03%             | 2030-10-28      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5830000 | PA      | $5822712.50   | 0.07%             | 2041-12-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     4357000 | PA      | $4472382.07   | 0.05%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-12                                                 | CUSIP: 034932AA1<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |    13881237 | PA      | $13916308.27  | 0.16%             | 2069-10-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 10 Ltd                                                                   | CUSIP: 48662LAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248975.03    | 0.00%             | 2034-04-23      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM8 Trust                                                              | CUSIP: 67117YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1662683 | PA      | $1661219.29   | 0.02%             | 2062-09-25      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                       | Lithia Motors Inc                                                                | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     1772000 | PA      | $1720574.43   | 0.02%             | 2027-12-15      | 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      | $-156479.58   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                            | Oriental Republic of Uruguay                                                     | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      503109 | PA      | $453285.81    | 0.01%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Heathrow Finance PLC                                    | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |     6391000 | PA      | $8110919.88   | 0.09%             | 2027-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2025-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |      400000 | PA      | $453140.20    | 0.01%             | 2038-12-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-2                                       | CUSIP: 85573HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1741952 | PA      | $1628184.79   | 0.02%             | 2065-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                             | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      400000 | PA      | $374521.80    | 0.00%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | California Street CLO IX LP                                                      | CUSIP: 13079WDC9<br>LEI: 5493001GRJRD2VIG9H40 | Long             | ABS-CBDO         | CORP              | KY        |      881284 | PA      | $881514.32    | 0.01%             | 2032-07-16      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CL        |           1 | NC      | $3245.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 11.485000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    15879469 | OU      | $115566.61    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PREEM HOLDING AB                                        | Preem Holdings AB                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     3436000 | PA      | $4062506.05   | 0.05%             | 2027-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2023-2                                                  | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1923972 | PA      | $2004333.01   | 0.02%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      147000 | PA      | $145383.00    | 0.00%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      668000 | PA      | $683757.06    | 0.01%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM3                                                                   | CUSIP: 69381FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6987193 | PA      | $6965156.58   | 0.08%             | 2069-08-25      | Variable      | 5.23%                 | No            |                  2 | 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        |     1375000 | PA      | $1189400.16   | 0.01%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| ABRA GLOBAL FINANCE                                     | ABRA Global Finance                                                              | CUSIP: 000852AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      257894 | PA      | $174239.63    | 0.00%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2024-CES3                                       | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7620341 | PA      | $7616714.78   | 0.09%             | 2055-01-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XX                                                                    | CUSIP: 03765LAR3<br>LEI: 5493008YDOADR1DMZM86 | Long             | ABS-CBDO         | CORP              | KY        |      725000 | PA      | $725362.43    | 0.01%             | 2031-07-16      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 7 Ltd                                                         | CUSIP: 67111WAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $888824.07    | 0.01%             | 2037-02-24      | Floating      | 10.52%                | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BN3<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46575.33     | 0.00%             | 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        |    11740000 | PA      | $13426676.82  | 0.15%             | 2029-09-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                        | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      826000 | PA      | $813947.75    | 0.01%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                | FSWP: HUF 6.500000 19-MAR-2027 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   817825994 | OU      | $22146.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      700000 | PA      | $697450.81    | 0.01%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |           1 | NC      | $29376.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                       | Generate Clo 17 Ltd                                                              | CUSIP: 37149PAA6<br>LEI: 21380057FWYXY89TJK26 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999629.70    | 0.01%             | 2037-10-22      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO VI Ltd                                                              | CUSIP: 89640YBN3<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |      255000 | PA      | $255000.00    | 0.00%             | 2034-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust                 | Capital One Multi-Asset Execution Trust                                          | CUSIP: 14041NCG4<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |      192000 | PA      | $191880.21    | 0.00%             | 2028-05-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Elstree Funding                                         | Elstree Funding No 5 PLC                                                         | CUSIP: 000000000<br>LEI: 635400TQHOGQECGSLM58 | Long             | ABS-MBS          | CORP              | GB        |      554244 | PA      | $737830.08    | 0.01%             | 2061-08-21      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-1 Ltd                                                     | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2971509.00   | 0.03%             | 2038-04-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                     | NOVA Chemicals Corp                                                              | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     2417000 | PA      | $2389283.29   | 0.03%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XX Ltd                                                              | CUSIP: 87166VAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $993100.00    | 0.01%             | 2032-01-16      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     6500000 | PA      | $7671176.54   | 0.09%             | 2033-01-31      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     3200000 | PA      | $3269231.30   | 0.04%             | 2055-03-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                 | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3200000 | PA      | $3199483.46   | 0.04%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XLIII Ltd                                                             | CUSIP: 03770JAA8<br>LEI: 549300NZQZOTNS7ILQ86 | Long             | ABS-CBDO         | CORP              | JE        |     1260000 | PA      | $1266263.46   | 0.01%             | 2035-04-25      | Floating      | 12.03%                | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25                      | CUSIP: 61765TAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      117000 | PA      | $114348.64    | 0.00%             | 2048-10-15      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                     | Xerox Holdings Corp                                                              | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |       28000 | PA      | $27793.88     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: PLN 4.940000 19-MAR-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     8371248 | OU      | $90057.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FINANCE                                 | Wintershall Dea Finance BV                                                       | CUSIP: 000000000<br>LEI: 529900SUC9JUI6M74U66 | Long             | DBT              | CORP              | NL        |     4900000 | PA      | $5551189.55   | 0.06%             | 2029-10-03      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 38 Ltd                                                              | CUSIP: 87169NAG8<br>LEI: 254900T60KIPND298026 | Long             | ABS-CBDO         | CORP              | BM        |      250000 | PA      | $250000.00    | 0.00%             | 2036-04-24      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 4 Ltd                                                                    | CUSIP: 749984AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      795524 | PA      | $794430.11    | 0.01%             | 2032-04-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2018-H3                                           | CUSIP: 61767YBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      182035 | PA      | $175077.62    | 0.00%             | 2051-07-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                                         | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     3819000 | PA      | $3141301.72   | 0.04%             | 2029-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| WEPA HYGIENEPRODUKTE GMB                                | WEPA Hygieneprodukte GmbH                                                        | CUSIP: 000000000<br>LEI: 529900KQ44OJDIDU6J81 | Long             | DBT              | CORP              | DE        |     3000000 | PA      | $3516617.22   | 0.04%             | 2031-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                     | CUSIP: 000000000<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     4820000 | PA      | $5424792.66   | 0.06%             | 2054-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-3                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      438000 | PA      | $583951.75    | 0.01%             | 2032-11-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2023-4 Ltd                                                     | CUSIP: 696924AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4500000 | PA      | $4460850.00   | 0.05%             | 2037-10-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| MINIMAX VIKING GMBH                                     | Minimax Viking GmbH 2025 EUR Term Loan B                                         | CUSIP: 55404TAG7<br>LEI: 549300Z5C6IXF1KV0Z78 | Long             | LON              | CORP              | DE        |     1000000 | PA      | $1125770.20   | 0.01%             | 2032-03-17      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2024-INV1 Trust                                                             | CUSIP: 36831BBG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      236503 | PA      | $240666.42    | 0.00%             | 2054-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Auto ABS                                                | Auto ABS Spanish Loans 2024-1 FT                                                 | CUSIP: 000000000<br>LEI: 9598007LTXPL84RD7W58 | Long             | ABS-O            | CORP              | ES        |      841476 | PA      | $954314.67    | 0.01%             | 2038-09-28      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO LIMITED                                    | Market Bidco Limited 2024 EUR Term Loan B                                        | CUSIP: 000000000<br>LEI: 549300RKU7UEPSC42U63 | Long             | LON              | CORP              | GB        |     1800000 | PA      | $1974143.82   | 0.02%             | 2030-11-04      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      282000 | PA      | $187530.00    | 0.00%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                   | Banijay Entertainment SAS                                                        | CUSIP: 000000000<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |     4496000 | PA      | $5297027.74   | 0.06%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-259915.13   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1717000 | PA      | $1782142.98   | 0.02%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| FREEPORT INDONESIA PT                                   | Freeport Indonesia PT                                                            | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     1000000 | PA      | $996370.00    | 0.01%             | 2027-04-14      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| ELECT GLOBAL INV LTD                                    | Elect Global Investments Ltd                                                     | CUSIP: 000000000<br>LEI: 254900MGJD77N8VPNK65 | Long             | DBT              | CORP              | VG        |     1067000 | PA      | $678734.71    | 0.01%             | 2025-05-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $324061.65    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      100000 | PA      | $101161.10    | 0.00%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Providus CLO                                            | Providus CLO II DAC                                                              | CUSIP: 000000000<br>LEI: 635400JFBYET5G2XFP83 | Long             | ABS-CBDO         | CORP              | IE        |      910000 | PA      | $1007425.16   | 0.01%             | 2038-10-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 39 Ltd                                                              | CUSIP: 87169TAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |     1560000 | PA      | $1559166.65   | 0.02%             | 2038-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                                | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4057000 | PA      | $3893227.35   | 0.04%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $-2257.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                                     | Eaton Vance CLO 2013-1 Ltd                                                       | CUSIP: 27830BBQ6<br>LEI: 5493001O5CL3BBUIEH94 | Long             | ABS-CBDO         | CORP              | KY        |     2400000 | PA      | $2394719.76   | 0.03%             | 2034-01-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| SAUDI ELECTRICITY SUKUK                                 | Saudi Electricity Sukuk Programme Co                                             | CUSIP: 000000000<br>LEI: 549300KZ4IZK3RMUO096 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $201104.00    | 0.00%             | 2029-02-13      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-10                                                 | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |     7379912 | PA      | $7363114.76   | 0.08%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                                        | Alabama Power Co                                                                 | CUSIP: 010392FS2<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     1121000 | PA      | $918341.09    | 0.01%             | 2048-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: —       |
| MFRA Trust                                              | MFA 2023-NQM1 Trust                                                              | CUSIP: 55285PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      586439 | PA      | $585276.29    | 0.01%             | 2067-11-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     3067000 | PA      | $2920908.06   | 0.03%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                        | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     1442000 | PA      | $1221618.13   | 0.01%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                  | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      557000 | PA      | $551399.68    | 0.01%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| CAIXABANK SA                                            | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     2200000 | PA      | $2474513.70   | 0.03%             | 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        |     2598000 | PA      | $2549183.58   | 0.03%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |           1 | NC      | $-893.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1769000 | PA      | $1734465.23   | 0.02%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                 | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7917000 | PA      | $7837830.00   | 0.09%             | 2040-03-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                            | Entegris Inc                                                                     | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     2347000 | PA      | $2342105.33   | 0.03%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6465000 | PA      | $6432632.98   | 0.07%             | 2041-10-15      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 5 Ltd                                                                    | CUSIP: 74923EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1525820 | PA      | $1525819.75   | 0.02%             | 2032-07-24      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                   | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6252000 | PA      | $6405142.74   | 0.07%             | 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        |     2000000 | PA      | $2249002.81   | 0.03%             | 2031-08-13      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Victory Street CLO                                      | Victory Street CLO I DAC                                                         | CUSIP: 000000000<br>LEI: 635400D4KWYZ4IFHKI82 | Long             | ABS-CBDO         | CORP              | IE        |     1250000 | PA      | $1400995.66   | 0.02%             | 2038-01-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2021-21 Ltd                                                              | CUSIP: 671000AL1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1239459.63   | 0.01%             | 2038-01-20      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                 | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |      970000 | PA      | $1223882.40   | 0.01%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | Sofi Professional Loan Program 2019-B LLC                                        | CUSIP: 83404WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      953658 | PA      | $933391.84    | 0.01%             | 2048-08-17      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |           1 | NC      | $-120281.05   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LION/POLARIS LUX 4 SA                                   | Lion/Polaris Lux 4 SA                                                            | CUSIP: 000000000<br>LEI: 984500BFD3F99A7UB874 | Long             | DBT              | CORP              | LU        |     6481000 | PA      | $7323649.16   | 0.08%             | 2029-07-01      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CN        |           1 | NC      | $-293.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     1696000 | PA      | $1725206.70   | 0.02%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                        | Owl Rock CLO V Ltd                                                               | CUSIP: 69120JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1500980.25   | 0.02%             | 2034-04-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                      | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     3047000 | PA      | $3045281.19   | 0.03%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2021-3                                      | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      791918 | PA      | $695071.47    | 0.01%             | 2066-08-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BSSF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4311011 | PA      | $4296860.63   | 0.05%             | 2054-08-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-273989.83   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     2115000 | PA      | $2041003.76   | 0.02%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XV CLO Ltd                                                                | CUSIP: 36318WAL4<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499455.00    | 0.01%             | 2030-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $910528.60    | 0.01%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-NQM3                                    | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |     9972454 | PA      | $9992336.30   | 0.11%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-D                                          | CUSIP: 78449MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      130204 | PA      | $118509.94    | 0.00%             | 2053-03-17      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                        | GWT 2024-WLF2                                                                    | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4555000 | PA      | $4553576.56   | 0.05%             | 2041-05-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| ABANCA CORP BANCARIA SA                                 | Abanca Corp Bancaria SA                                                          | CUSIP: 000000000<br>LEI: 54930056IRBXK0Q1FP96 | Long             | DBT              | CORP              | ES        |     4700000 | PA      | $5332256.22   | 0.06%             | 2036-12-11      | Fixed         | 4.63%                 | 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      | $2877.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Paraguay                                    | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      290000 | PA      | $253967.50    | 0.00%             | 2048-03-13      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LBA6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      538000 | PA      | $578497.50    | 0.01%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                  | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAA2<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999687.70    | 0.01%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-18080.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2014-1 Ltd                                  | CUSIP: 14310MBA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1100000 | PA      | $1099780.11   | 0.01%             | 2031-04-17      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2025-1 Ltd                                                     | CUSIP: 69703YAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $984014.40    | 0.01%             | 2038-04-20      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                     | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      538000 | PA      | $538328.18    | 0.01%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                               | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6180000 | PA      | $6176137.50   | 0.07%             | 2041-10-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                    | Birch Grove CLO 3 Ltd                                                            | CUSIP: 09076VAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $493300.00    | 0.01%             | 2038-01-19      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      363000 | PA      | $419194.27    | 0.00%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     3377000 | PA      | $3118563.93   | 0.04%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2018-B                                          | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |      155524 | PA      | $155172.20    | 0.00%             | 2037-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Qatar Government International Bonds                    | Qatar Government International Bonds                                             | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |      800000 | PA      | $790000.00    | 0.01%             | 2026-06-02      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                             | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     1034000 | PA      | $1032790.43   | 0.01%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                     | Xerox Holdings Corp                                                              | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     6763000 | PA      | $4332478.57   | 0.05%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $995098.20    | 0.01%             | 2032-08-08      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                    | SCG 2024-MSP Mortgage Trust                                                      | CUSIP: 78436EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6200000 | PA      | $6176763.64   | 0.07%             | 2041-04-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4136000 | PA      | $4052835.38   | 0.05%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2025-1 Ltd                                                     | CUSIP: 69703UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $707894.10    | 0.01%             | 2038-04-20      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| CONTINUUM GRN SPV CO-ISS                                | Continuum Green Energy India Pvt / Co-Issuers                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     1414081 | PA      | $1416272.58   | 0.02%             | 2033-06-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust 2024-J2                                            | CUSIP: 75023WAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2081256 | PA      | $2061744.06   | 0.02%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNLAB BONDCO PLC                                       | Synlab Bondco Plc 2024 EUR Term Loan                                             | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2245468.31   | 0.03%             | 2030-12-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                           | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |     2514000 | PA      | $2801404.53   | 0.03%             | 2030-01-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2021-1                                          | CUSIP: 68269MAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $451200.90    | 0.01%             | 2036-06-16      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     4254000 | PA      | $4548355.53   | 0.05%             | 2031-07-15      | Fixed         | 9.13%                 | 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        |     2000000 | PA      | $2259402.38   | 0.03%             | 2031-12-10      | Floating      | 6.13%                 | 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        |     4871000 | PA      | $4567903.34   | 0.05%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| AHLSTROM HLDG 3 OY                                      | Ahlstrom Holding 3 Oy                                                            | CUSIP: 84612JAA0<br>LEI: 743700UEY0YM039XN974 | Long             | DBT              | CORP              | FI        |     8689000 | PA      | $8102728.75   | 0.09%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BBAM US CLO LTD.                                        | BBAM US CLO I Ltd                                                                | CUSIP: 054978AL5<br>LEI: 549300LRECI1GZTZLF38 | Long             | ABS-CBDO         | CORP              | KY        |     1560000 | PA      | $1539584.28   | 0.02%             | 2038-03-30      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| ONNI Commercial Mortgage Trust                          | ONNI Commerical Mortgage Trust 2024-APT                                          | CUSIP: 682939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3605000 | PA      | $3690867.13   | 0.04%             | 2039-07-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| RUN NQM TRUST                                           | RUN 2022-NQM1 Trust                                                              | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2090144 | PA      | $2033734.29   | 0.02%             | 2067-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENGINEERING SPA                                         | Engineering - Ingegneria Informatica - SpA                                       | CUSIP: 000000000<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |     3865000 | PA      | $4621691.09   | 0.05%             | 2028-05-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2018-1                                    | CUSIP: 94989UAA9<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      175374 | PA      | $160784.44    | 0.00%             | 2047-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JULIUS BAER GROUP LTD                                   | Julius Baer Group Ltd                                                            | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | DBT              | CORP              | CH        |     1000000 | PA      | $966218.00    | 0.01%             | 2026-10-08      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2024-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400H22JMICKOJRJ36 | Long             | ABS-MBS          | CORP              | GB        |      202000 | PA      | $268541.69    | 0.00%             | 2034-05-17      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     5826000 | PA      | $5858834.87   | 0.07%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                              | Fertitta Entertainment LLC 2022 Term Loan B                                      | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |           0 | PA      | $0.01         | 0.00%             | 2029-01-27      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                          | Diamond II Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |     4500000 | PA      | $4488750.00   | 0.05%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| ION Trading Technologies Sarl                           | ION Trading Technologies Sarl 2021 EUR Term Loan B                               | CUSIP: 000000000<br>LEI: 2138006ZTGCXJPF5GD07 | Long             | LON              | CORP              | IE        |     2000000 | PA      | $2169046.22   | 0.02%             | 2028-04-03      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 64 CLO Ltd                                                                | CUSIP: 26251LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      491146 | PA      | $491145.78    | 0.01%             | 2031-04-18      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1665000 | PA      | $1704504.29   | 0.02%             | 2032-08-20      | Fixed         | 7.28%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $4444.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer Capital Corp BV                                   | Bayer Capital Corp BV                                                            | CUSIP: 000000000<br>LEI: 529900KEOKKPYZLTAU90 | Long             | DBT              | CORP              | NL        |    11700000 | PA      | $13074529.22  | 0.15%             | 2026-06-26      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM4 Trust                                                             | CUSIP: 69381UAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5000000 | PA      | $5040144.50   | 0.06%             | 2069-12-26      | Variable      | 6.52%                 | 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        |     4398000 | PA      | $4320813.34   | 0.05%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                              | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |      518000 | PA      | $488810.13    | 0.01%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TR        |           1 | NC      | $1585.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1897000 | PA      | $1861705.18   | 0.02%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Avoca Static CLO                                        | Avoca Static CLO I DAC                                                           | CUSIP: 000000000<br>LEI: 549300D0MXVAW7ZB0873 | Long             | ABS-CBDO         | CORP              | IE        |      580000 | PA      | $646317.24    | 0.01%             | 2035-01-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      766000 | PA      | $716040.56    | 0.01%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds               | Costa Rica Government International Bonds                                        | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      284000 | PA      | $289786.50    | 0.00%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| NORTH MACEDONIA                                         | North Macedonia Government International Bond                                    | CUSIP: 000000000<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |      200000 | PA      | $234973.59    | 0.00%             | 2027-03-13      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                         | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6600000 | PA      | $6525750.00   | 0.07%             | 2039-12-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2023-19 Ltd                                                  | CUSIP: 11765ABA6<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1465922.55   | 0.02%             | 2038-04-15      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2018-A                                          | CUSIP: 78449PAC3<br>LEI: 549300QHI21JZK7YIR34 | Long             | ABS-O            | CORP              | US        |      155802 | PA      | $155703.65    | 0.00%             | 2036-02-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1601438.23   | 0.02%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (ITRAXX.ASIA.XJ.IG.43.V1)                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      218467 | OU      | $-565.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      816000 | PA      | $810084.00    | 0.01%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      260000 | PA      | $250390.40    | 0.00%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2014-3-R Ltd                                | CUSIP: 14315LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      469317 | PA      | $469316.97    | 0.01%             | 2031-07-27      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2021-1                                        | CUSIP: 75907VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | PA      | $394893.04    | 0.00%             | 2031-03-17      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                            | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |      824777 | PA      | $935517.20    | 0.01%             | 2029-12-31      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd                                         | Sands China Ltd                                                                  | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $196760.00    | 0.00%             | 2028-08-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                          | Penta CLO 17 DAC                                                                 | CUSIP: 000000000<br>LEI: 254900P6EQ7DE06DX267 | Long             | ABS-CBDO         | CORP              | IE        |      685000 | PA      | $756461.61    | 0.01%             | 2038-08-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                         | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     2910000 | PA      | $2406563.60   | 0.03%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2020-NQM2 Trust                                                             | CUSIP: 36166RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      143166 | PA      | $138994.89    | 0.00%             | 2065-04-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TH        |           1 | NC      | $-10851.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2024-1ST2 PLC                               | CUSIP: 000000000<br>LEI: 635400WGT6N9TVLEC567 | Long             | ABS-MBS          | CORP              | GB        |     1274379 | PA      | $1699501.01   | 0.02%             | 2065-10-12      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour CLO                              | Fidelity Grand Harbour CLO 2021-1 DAC                                            | CUSIP: 000000000<br>LEI: 635400KPYNGCFZ6MDR25 | Long             | ABS-CBDO         | CORP              | IE        |     1000000 | PA      | $1116887.29   | 0.01%             | 2034-10-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 4.212000 27-OCT-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     3654800 | OU      | $36238.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                        | Duke Energy Corp                                                                 | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     2359000 | PA      | $2680010.68   | 0.03%             | 2028-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                 | INEOS Quattro Finance 2 Plc                                                      | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     5597000 | PA      | $5698772.40   | 0.07%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                  | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      400000 | PA      | $380000.00    | 0.00%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                               | Goldman Sachs Group, Inc.                                                        | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     6926000 | PA      | $7393464.14   | 0.08%             | 2029-02-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2023-1                                                  | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3085895 | PA      | $3148010.46   | 0.04%             | 2043-12-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2023-DELC                                                               | CUSIP: 05610DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1003125.00   | 0.01%             | 2038-05-15      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Polaris                                                 | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $131829.56    | 0.00%             | 2068-02-26      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     4722000 | PA      | $4417282.26   | 0.05%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Castle Hill INGOTS Ltd                                  | CSTL Commercial Mortgage Trust 2024-GATE                                         | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7880000 | PA      | $7839375.45   | 0.09%             | 2041-11-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |      669000 | PA      | $686286.02    | 0.01%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                                     | Jazz Securities DAC                                                              | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |     3692000 | PA      | $3503789.96   | 0.04%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2024-2                           | CUSIP: 44644NAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2231607 | PA      | $2228285.30   | 0.03%             | 2032-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                            | CD 2018-CD7 Mortgage Trust                                                       | CUSIP: 12512JAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      430000 | PA      | $419462.98    | 0.00%             | 2051-08-15      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FINANCE                                 | Wintershall Dea Finance BV                                                       | CUSIP: 000000000<br>LEI: 529900SUC9JUI6M74U66 | Long             | DBT              | CORP              | NL        |     7600000 | PA      | $8034744.98   | 0.09%             | 2028-09-25      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                    | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     4000000 | PA      | $4732246.61   | 0.05%             | 2028-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                            | Hudson Yards 2019-55HY Mortgage Trust                                            | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $367542.72    | 0.00%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2023-A                                 | CUSIP: 638961AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      233339 | PA      | $238548.32    | 0.00%             | 2071-10-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                      | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6040000 | PA      | $6566623.98   | 0.08%             | 2038-12-05      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| Mila B.V.                                               | Mila 2024-1 BV                                                                   | CUSIP: 000000000<br>LEI: 7245000GAIRCK7Y7VJ68 | Long             | ABS-O            | CORP              | NL        |      100000 | PA      | $112884.59    | 0.00%             | 2041-09-16      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                                  | Banque Federative du Credit Mutuel SA                                            | CUSIP: 000000000<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    16700000 | PA      | $18980505.23  | 0.22%             | 2035-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $234.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                     | ASSURANT CLO II LTD                                                              | CUSIP: 04623TAG0<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1494564.60   | 0.02%             | 2031-04-20      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-180105.40   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                               | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     3192000 | PA      | $2835795.69   | 0.03%             | 2081-06-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                              | Aurium Clo XIII DAC                                                              | CUSIP: 000000000<br>LEI: 635400NUJFLZMWBUGF89 | Long             | ABS-CBDO         | CORP              | IE        |     1100000 | PA      | $1200995.05   | 0.01%             | 2038-04-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                             | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      200000 | PA      | $167593.76    | 0.00%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                       | 720 East CLO VII Ltd                                                             | CUSIP: 81800WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4500000 | PA      | $4436487.90   | 0.05%             | 2037-04-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FINANCE                                 | Wintershall Dea Finance BV                                                       | CUSIP: 000000000<br>LEI: 529900SUC9JUI6M74U66 | Long             | DBT              | CORP              | NL        |     8591000 | PA      | $9551667.45   | 0.11%             | 2032-10-03      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-26885.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Loan Fund 2024-1 Ltd                                                      | CUSIP: 037986AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $998181.30    | 0.01%             | 2035-04-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 13 Ltd                                                        | CUSIP: 67116CAL7<br>LEI: 254900P7TOYX9E9JQ066 | Long             | ABS-CBDO         | CORP              | BM        |      751000 | PA      | $750543.09    | 0.01%             | 2037-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                               | Avoca CLO XVIII DAC                                                              | CUSIP: 000000000<br>LEI: 549300K6K5XESJRIKM24 | Long             | ABS-CBDO         | CORP              | IE        |     1170000 | PA      | $1300067.46   | 0.01%             | 2038-01-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     1401000 | PA      | $1362359.72   | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| UBS AG                                                  | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-35687.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 2.433293 03-FEB-2030 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2860949 | OU      | $45021.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APLEONA HOLDING GMBH                                    | Apleona Holding GmbH 2024 EUR Term Loan B3                                       | CUSIP: 000000000<br>LEI: 254900SF1BAAOJQ1X773 | Long             | LON              | CORP              | DE        |     1842857 | PA      | $2082754.57   | 0.02%             | 2028-04-28      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      235257 | PA      | $161739.19    | 0.00%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Golden Ray S.A.                                         | Golden Ray SA - Compartment 1                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $112654.39    | 0.00%             | 2057-12-27      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                        | Hilton USA Trust 2016-HHV                                                        | CUSIP: 43300LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      200000 | PA      | $196409.22    | 0.00%             | 2038-11-05      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                         | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      200000 | PA      | $202850.00    | 0.00%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      436000 | PA      | $282144.32    | 0.00%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      277000 | PA      | $266884.34    | 0.00%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      100000 | PA      | $133329.51    | 0.00%             | 2032-07-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAZA DEV LTD                                   | Central Plaza Development Ltd                                                    | CUSIP: 000000000<br>LEI: 254900HLDKFNM2WUVJ54 | Long             | DBT              | CORP              | VG        |      870000 | PA      | $856156.13    | 0.01%             | 2029-04-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Arbour CLO                                              | Arbour CLO VI DAC                                                                | CUSIP: 000000000<br>LEI: 635400HEJB8VLV1GBH66 | Long             | ABS-CBDO         | CORP              | IE        |     1150000 | PA      | $1272984.08   | 0.01%             | 2037-11-15      | Floating      | 5.76%                 | 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        |     4467000 | PA      | $4499162.40   | 0.05%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                                | CSX Corp                                                                         | CUSIP: 126408HG1<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |      813000 | PA      | $618319.73    | 0.01%             | 2066-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2022-AGSS                                      | CUSIP: 36265XAA9<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     2111000 | PA      | $2110340.31   | 0.02%             | 2039-08-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-LBA6                                                               | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5385000 | PA      | $5358075.00   | 0.06%             | 2039-01-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-3                                                  | CUSIP: 46592ABC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      412432 | PA      | $415152.22    | 0.00%             | 2050-08-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $1683.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    11770000 | PA      | $12447160.82  | 0.14%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                      | Shackleton 2013-III CLO Ltd                                                      | CUSIP: 81881QAS5<br>LEI: 549300S9WB2KLCOJR134 | Long             | ABS-CBDO         | CORP              | KY        |       32285 | PA      | $32279.90     | 0.00%             | 2030-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2404767 | PA      | $2399355.96   | 0.03%             | 2030-10-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                    | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     4000000 | PA      | $3992273.60   | 0.05%             | 2039-10-19      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| General Motors                                          | GMF Floorplan Owner Revolving Trust                                              | CUSIP: 361886CX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      188000 | PA      | $192547.16    | 0.00%             | 2030-06-15      | Fixed         | 5.83%                 | 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        |     2000000 | PA      | $2299414.66   | 0.03%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |      375000 | PA      | $440429.34    | 0.01%             | 2028-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3604000 | PA      | $3202077.13   | 0.04%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2014-1 Ltd                                  | CUSIP: 14310MAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      311132 | PA      | $311132.29    | 0.00%             | 2031-04-17      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO Ltd                      | Morgan Stanley Eaton Vance Clo 2022-18 Ltd                                       | CUSIP: 617924AS4<br>LEI: 549300O0I1STG733YG49 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1978974.80   | 0.02%             | 2037-10-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     3939000 | PA      | $3380014.54   | 0.04%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| ALMAVIVA THE ITALIAN INN                                | Almaviva-The Italian Innovation Co SpA                                           | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |     7765000 | PA      | $8966947.32   | 0.10%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                             | Texas Debt Capital CLO 2024-I Ltd                                                | CUSIP: 88240KAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1976421.80   | 0.02%             | 2037-04-22      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| PARTS EUROPE SA                                         | Parts Europe SA 1st Lien EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 969500DL3O9K7T2M4M15 | Long             | LON              | CORP              | FR        |     3000000 | PA      | $3383971.75   | 0.04%             | 2031-02-03      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2024-CES4                                              | CUSIP: 89182QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4373666 | PA      | $4365993.20   | 0.05%             | 2064-09-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2024-2                                                  | CUSIP: 35040VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4698000 | PA      | $4669304.15   | 0.05%             | 2050-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                      | A&D Mortgage Trust 2024-NQM4                                                     | CUSIP: 002939AC0<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |     1619716 | PA      | $1624294.79   | 0.02%             | 2069-08-25      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2015-1                                       | CUSIP: 64829CAB4<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |       95193 | PA      | $90910.70     | 0.00%             | 2052-05-28      | Variable      | 3.75%                 | 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        |      478575 | OU      | $7507.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3105730 | PA      | $3120047.18   | 0.04%             | 2064-01-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    16986500 | PA      | $707412.08    | 0.01%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2024-CES6                                              | CUSIP: 891947AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11015997 | PA      | $11100010.28  | 0.13%             | 2064-11-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 00111VAC1<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |      470000 | PA      | $480340.00    | 0.01%             | 2055-06-10      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM7 Trust                                                             | CUSIP: 36167YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       52592 | PA      | $48667.52     | 0.00%             | 2066-08-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| SDAL Trust                                              | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10496000 | PA      | $10482869.50  | 0.12%             | 2042-04-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc                                | Boxer Parent Company Inc 2025 EUR Term Loan B                                    | CUSIP: 05988HAP2<br>LEI: 549300TEWK6ENMZQLF18 | Long             | LON              | CORP              | US        |     2990000 | PA      | $3351013.62   | 0.04%             | 2031-07-30      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                      | Whitebox Clo I Ltd                                                               | CUSIP: 96467FBE9<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |     1960000 | PA      | $1962044.08   | 0.02%             | 2036-07-24      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                 | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     2130000 | PA      | $1941134.18   | 0.02%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Bausch & Lomb Corporation                               | Bausch & Lomb Corporation Term Loan                                              | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     6322131 | PA      | $6240575.66   | 0.07%             | 2027-05-10      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2340000 | PA      | $2374926.84   | 0.03%             | 2038-11-20      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HHC90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     7816654 | PA      | $7761274.75   | 0.09%             | 2054-11-25      | Floating      | 5.45%                 | 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        |     2000000 | PA      | $2261736.05   | 0.03%             | 2029-06-02      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                 | EQUATE Petrochemical Co KSC                                                      | CUSIP: 000000000<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |      600000 | PA      | $599820.00    | 0.01%             | 2025-05-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                       | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     1195869 | PA      | $1365844.14   | 0.02%             | 2036-11-17      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HAFW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    12195104 | PA      | $12166213.54  | 0.14%             | 2053-08-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-4614.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | TRESTLES CLO II LTD                                                              | CUSIP: 89531MAJ1<br>LEI: 6354005OLPZ8XONXGL10 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $750910.73    | 0.01%             | 2037-07-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2021-E                                 | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     8072639 | PA      | $7107779.88   | 0.08%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2021-STOR                                                                    | CUSIP: 55293BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4720000 | PA      | $4699350.00   | 0.05%             | 2038-07-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     3138000 | PA      | $3018228.41   | 0.03%             | 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        |     3539000 | PA      | $3597018.37   | 0.04%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAPREC HOLDING SA                                       | Paprec Holding SA                                                                | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |     6890000 | PA      | $8225095.61   | 0.09%             | 2029-11-17      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                            | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     5535000 | PA      | $5482464.55   | 0.06%             | 2028-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2019-1 LTD                                                        | CUSIP: 14316BAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2017128 | PA      | $2015110.92   | 0.02%             | 2031-04-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |           1 | NC      | $-3065.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                         | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     1433000 | PA      | $1171477.50   | 0.01%             | 2031-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| EQUINIX INC                                             | Equinix Inc                                                                      | CUSIP: 29444UBM7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     4184000 | PA      | $2508090.18   | 0.03%             | 2051-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2024-8                                         | CUSIP: 16159XAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      183863 | PA      | $183788.82    | 0.00%             | 2055-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-4                                                | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |     2521715 | PA      | $2522843.05   | 0.03%             | 2068-05-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 8.650000 07-FEB-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    41508685 | OU      | $-83107.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     2245000 | PA      | $2123433.25   | 0.02%             | 2027-07-19      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                         | CSAIL 2019-C16 Commercial Mortgage Trust                                         | CUSIP: 12596WAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      915000 | PA      | $855250.87    | 0.01%             | 2052-06-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2017-5                                                  | CUSIP: 46590YAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1355198 | PA      | $1355636.76   | 0.02%             | 2048-10-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                | Aon Corp / Aon Global Holdings PLC                                               | CUSIP: 03740LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      963000 | PA      | $703553.70    | 0.01%             | 2052-02-28      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2024-25 Ltd                                                  | CUSIP: 117913AA1<br>LEI: 391200WG98O5N39H7C57 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2498269.75   | 0.03%             | 2038-01-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      618000 | PA      | $669912.00    | 0.01%             | 2030-07-13      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-1                                        | CUSIP: 758983AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1371000 | PA      | $1404703.98   | 0.02%             | 2036-07-15      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                            | Post CLO VI Ltd                                                                  | CUSIP: 73742RAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1750000 | PA      | $1748645.50   | 0.02%             | 2038-01-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     2086000 | PA      | $2138187.11   | 0.02%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                 | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    18986000 | PA      | $414111.54    | 0.00%             | 2033-10-05      | Fixed         | 26.20%                | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                   | McGraw-Hill Education Inc                                                        | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     3391000 | PA      | $3321851.75   | 0.04%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      631000 | PA      | $657186.50    | 0.01%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2022-1                                      | CUSIP: 24382JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      140000 | PA      | $114192.90    | 0.00%             | 2067-01-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1116766 | PA      | $1122149.22   | 0.01%             | 2059-10-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                             | CHNGE Mortgage Trust 2022-1                                                      | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1852518 | PA      | $1751395.08   | 0.02%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   224357000 | PA      | $6964773.35   | 0.08%             | 2029-11-17      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |           1 | NC      | $7574.97      | 0.00%             |  |  |  | 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        |     1719745 | PA      | $1937771.58   | 0.02%             | 2032-02-16      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                      | Ohio Power Co                                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     3269000 | PA      | $1966814.25   | 0.02%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | Trestles CLO VII Ltd                                                             | CUSIP: 89532XAC1<br>LEI: 254900F81BZ53L0B6092 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999939.80    | 0.01%             | 2037-10-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2021-1                                                    | CUSIP: 52607MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      710000 | PA      | $665437.63    | 0.01%             | 2031-11-20      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                 | EQUATE Petrochemical Co KSC                                                      | CUSIP: 000000000<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |      300000 | PA      | $297000.00    | 0.00%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                            | TICP CLO VI 2016-2 Ltd                                                           | CUSIP: 87246MAS1<br>LEI: 254900JG2DPAYUCW8T83 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249348.30    | 0.00%             | 2034-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      552000 | PA      | $569388.00    | 0.01%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: —       |
| Navient Student Loan Trust                              | Navient Student Loan Trust                                                       | CUSIP: 63942TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1007052 | PA      | $1012479.05   | 0.01%             | 2072-03-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                 | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     2432000 | PA      | $2529350.53   | 0.03%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      900000 | PA      | $822259.15    | 0.01%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $18291.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      850000 | PA      | $746028.77    | 0.01%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042665<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      750000 | PA      | $716953.36    | 0.01%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                   | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     2042000 | PA      | $1881495.74   | 0.02%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| QNB FINANCE LTD                                         | QNB Finance Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |      636000 | PA      | $634982.40    | 0.01%             | 2025-05-12      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTIL LTD                                   | Thames Water Utilities Ltd                                                       | CUSIP: 000000000<br>LEI: 213800JKM5UQHFJOTZ25 | Long             | DBT              | CORP              | GB        |        7636 | PA      | $8611.93      | 0.00%             | 2027-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-3                                                  | CUSIP: 03464TAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7015614 | PA      | $6416550.48   | 0.07%             | 2067-01-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2022-NQM5 Trust                                                             | CUSIP: 36168WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      316397 | PA      | $315351.75    | 0.00%             | 2067-08-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2019-NQM4                                    | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1888110 | PA      | $1785718.41   | 0.02%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                    | Cornerstone Building Brands Inc                                                  | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     2353000 | PA      | $2047145.06   | 0.02%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |      100000 | PA      | $109319.85    | 0.00%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2019-1                                                   | CUSIP: 33852AAP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      125087 | PA      | $112626.78    | 0.00%             | 2049-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     3413000 | PA      | $3516492.40   | 0.04%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1505000 | PA      | $1498979.55   | 0.02%             | 2038-11-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      922000 | PA      | $901633.11    | 0.01%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      707000 | PA      | $661965.30    | 0.01%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     6856000 | PA      | $8397630.56   | 0.10%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2021-2 Ltd                                                           | CUSIP: 67389BAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2473121.75   | 0.03%             | 2035-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFRA 2024-NQM3 Trust                                                             | CUSIP: 55287GAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3529412 | PA      | $3569396.36   | 0.04%             | 2069-12-25      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    19253000 | PA      | $5294173.88   | 0.06%             | 2029-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-AFC1 Trust                                                            | CUSIP: 69380WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1029469 | PA      | $1038901.01   | 0.01%             | 2059-03-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM1 Trust                                                             | CUSIP: 693977AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1544799 | PA      | $1559452.63   | 0.02%             | 2068-12-25      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                        | DT Midstream Inc                                                                 | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      106000 | PA      | $99484.08     | 0.00%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                          | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     3000000 | PA      | $3423401.75   | 0.04%             | 2034-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                  | EDP SA                                                                           | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     4700000 | PA      | $5406648.70   | 0.06%             | 2054-05-29      | Fixed         | 4.75%                 | 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        |     2390000 | PA      | $2287389.65   | 0.03%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1600000 | PA      | $1623718.08   | 0.02%             | 2036-09-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Air Comm Corporation LLC                                | Air Comm Corporation LLC 2024 Term Loan                                          | CUSIP: 82670NAB2<br>LEI: 254900S9ONE06XB1T251 | Long             | LON              | CORP              | US        |     6545909 | PA      | $6455902.61   | 0.07%             | 2031-11-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      171000 | PA      | $168128.41    | 0.00%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4258495 | PA      | $4240205.63   | 0.05%             | 2032-08-08      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | GREYWOLF CLO VI Ltd                                                              | CUSIP: 39809GAA3<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |     1374952 | PA      | $1374952.33   | 0.02%             | 2031-04-26      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     3800000 | PA      | $4507322.63   | 0.05%             | 2029-05-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2021-1 LLC                                                | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       31537 | PA      | $30644.08     | 0.00%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Greenwood Park CLO, Ltd                                 | Greenwood Park CLO Ltd                                                           | CUSIP: 39729RAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      213334 | PA      | $213265.90    | 0.00%             | 2031-04-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 11 Ltd                                                                 | CUSIP: 00140NAY6<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $545490.00    | 0.01%             | 2037-07-17      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Finco Utilitas BV                                       | Finco Utilitas BV EUR Term Loan B                                                | CUSIP: 000000000<br>LEI: 699400OA31YDOOASVM61 | Long             | LON              | CORP              | BE        |     2000000 | PA      | $2260739.14   | 0.03%             | 2030-09-26      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| TEREOS FINANCE GROUPE I                                 | Tereos Finance Groupe I SA                                                       | CUSIP: 000000000<br>LEI: 969500183Z46A3QF8W69 | Long             | DBT              | CORP              | FR        |     4009000 | PA      | $4641512.85   | 0.05%             | 2030-04-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                             | CUSIP: 19424WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       77325 | PA      | $71196.94     | 0.00%             | 2055-07-26      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Palmer Square European CLO                              | Palmer Square European CLO 2022-2 DAC                                            | CUSIP: 000000000<br>LEI: 549300NBMUBW6AHGY771 | Long             | ABS-CBDO         | CORP              | IE        |      372000 | PA      | $421991.49    | 0.00%             | 2038-01-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-PAT                                                                | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2460000 | PA      | $2466524.66   | 0.03%             | 2041-03-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      200000 | PA      | $196800.00    | 0.00%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      974000 | PA      | $971372.44    | 0.01%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                    | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     2157000 | PA      | $2167532.63   | 0.02%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Partners XVI                                                          | CUSIP: 67115LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      625000 | PA      | $624626.94    | 0.01%             | 2037-10-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4510000 | PA      | $4489382.54   | 0.05%             | 2028-03-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NO        |           1 | NC      | $347866.59    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy Xxviii Clo Ltd                                                            | CUSIP: 36321JAG9<br>LEI: 549300QR0537E9AXFW42 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1003100.10   | 0.01%             | 2031-07-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $411.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JULIUS BAER GROUP LTD                                   | Julius Baer Group Ltd                                                            | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | DBT              | CORP              | CH        |     4610000 | PA      | $5235496.96   | 0.06%             | 2029-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                | SoFi Personal Loan Trust 2023-1                                                  | CUSIP: 78474NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       49802 | PA      | $50431.60     | 0.00%             | 2030-11-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2017-A                                          | CUSIP: 78448WAD7<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |      100000 | PA      | $98325.47     | 0.00%             | 2041-06-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      409000 | PA      | $437105.24    | 0.01%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: —       |
| London Wall Mortgage Capital                            | London Wall Mortgage Capital PLC                                                 | CUSIP: 000000000<br>LEI: 213800QSO8J75OTK5919 | Long             | ABS-MBS          | CORP              | GB        |      295222 | PA      | $391279.45    | 0.00%             | 2057-05-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY CO ISSUE                                    | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      508000 | PA      | $469900.00    | 0.01%             | 2038-10-14      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                          | CVR Energy Inc                                                                   | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      921000 | PA      | $840530.20    | 0.01%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd                                    | TCI-Flatiron CLO 2016-1 Ltd                                                      | CUSIP: 87230AAW6<br>LEI: 549300EEOTVLW827QY91 | Long             | ABS-CBDO         | CORP              | KY        |      274653 | PA      | $274327.27    | 0.00%             | 2032-01-17      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                           | NYC Trust 2024-3ELV                                                              | CUSIP: 62956HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3927338.00   | 0.05%             | 2029-08-15      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP 2024 USD Add-on Term Loan B                                  | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     3717242 | PA      | $3689734.89   | 0.04%             | 2028-10-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                           | AIA Group Ltd                                                                    | CUSIP: 00131MAS2<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |     4500000 | PA      | $4127355.00   | 0.05%             | 2054-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 000000000<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    10065000 | PA      | $12000752.78  | 0.14%             | 2030-04-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2025-1                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |     1989000 | PA      | $2652933.94   | 0.03%             | 2033-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1260000 | PA      | $1222623.11   | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Telenet International Finance Sarl                      | Telenet International Finance Sarl 2020 EUR Term Loan AQ                         | CUSIP: 000000000<br>LEI: 213800UQWC6KB34WEQ10 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2218211.93   | 0.03%             | 2029-04-30      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     2010000 | PA      | $1987403.98   | 0.02%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL                                             | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      200000 | PA      | $196500.00    | 0.00%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 8.145000 07-MAY-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    57473343 | OU      | $-29235.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $2950.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                                  | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     1505000 | PA      | $1520376.59   | 0.02%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38384VMP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     6143206 | PA      | $6106880.44   | 0.07%             | 2054-08-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Borrower SPV Limited        | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |      480000 | PA      | $653096.72    | 0.01%             | 2039-05-28      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      770000 | PA      | $744975.00    | 0.01%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280CR8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     4830000 | PA      | $6190165.02   | 0.07%             | 2027-07-24      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                               | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      931000 | PA      | $911798.13    | 0.01%             | 2041-10-15      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT SAS                               | Banijay Entertainment SAS 2025 EUR Term Loan B (2028)                            | CUSIP: 000000000<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2254689.72   | 0.03%             | 2028-03-01      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                         | CSAIL 2019-C18 Commercial Mortgage Trust                                         | CUSIP: 12597DAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       72000 | PA      | $65780.02     | 0.00%             | 2052-12-15      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2018-2 Ltd                                                        | CUSIP: 14317PAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      768443 | PA      | $767055.60    | 0.01%             | 2031-10-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                            | TICP CLO VII Ltd                                                                 | CUSIP: 87248TAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $997200.20    | 0.01%             | 2033-04-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      456000 | PA      | $378037.68    | 0.00%             | 2032-03-27      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                     | Sound Point CLO V-R LTD                                                          | CUSIP: 83607EAA0<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |      510950 | PA      | $510919.34    | 0.01%             | 2031-07-18      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     3748000 | PA      | $2671817.38   | 0.03%             | 2030-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad Clo 25 Ltd                                                                   | CUSIP: 75009GAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |     2000000 | PA      | $2001726.40   | 0.02%             | 2037-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                       | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      200000 | PA      | $206125.00    | 0.00%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 102 CLO Ltd                                                               | CUSIP: 26253TAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250556.00    | 0.00%             | 2036-10-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| KLEOPATRA FINCO SARL                                    | Kleopatra Finco Sarl                                                             | CUSIP: 000000000<br>LEI: 222100M6T1N8VIC8M726 | Long             | DBT              | CORP              | LU        |     3533000 | PA      | $3611890.53   | 0.04%             | 2026-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CFK Trust                                               | CFK Trust 2020-MF2                                                               | CUSIP: 12529AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      500000 | PA      | $468028.70    | 0.01%             | 2039-03-15      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2021-4 LTD                                                        | CUSIP: 14316TAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      580000 | PA      | $579477.94    | 0.01%             | 2034-04-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     5984000 | PA      | $5581990.15   | 0.06%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF           | iShares iBoxx $ High Yield Corporate Bond ETF                                    | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     1226257 | NS      | $96383800.20  | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BR4Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4993436 | PA      | $4978203.76   | 0.06%             | 2054-06-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                    | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     2338000 | PA      | $2382683.86   | 0.03%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                                     | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      808000 | PA      | $709268.22    | 0.01%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PFH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1750000 | PA      | $1751528.28   | 0.02%             | 2028-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     1026000 | PA      | $955828.58    | 0.01%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $549966.51    | 0.01%             | 2037-10-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2023-1                                          | CUSIP: 68269JAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2310000 | PA      | $2373112.20   | 0.03%             | 2038-06-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $-13854.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXVII Ltd                                                   | CUSIP: 55820YAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1750000 | PA      | $1715000.00   | 0.02%             | 2038-04-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     7980534 | PA      | $7991730.10   | 0.09%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2022-2                                        | CUSIP: 31572YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7580278 | PA      | $7520781.84   | 0.09%             | 2067-04-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2016-11 Ltd                                                              | CUSIP: 67110DBA4<br>LEI: 254900QIJ8IQOK988683 | Long             | ABS-CBDO         | CORP              | KY        |     2225000 | PA      | $2222930.31   | 0.03%             | 2036-04-26      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| TITANIUM 2L BONDCO SARL                                 | Titanium 2l Bondco Sarl                                                          | CUSIP: 000000000<br>LEI: 636700S4QMU2DWYOSF67 | Long             | DBT              | CORP              | LU        |     2697500 | PA      | $910265.56    | 0.01%             | 2031-01-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                                            | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     1734000 | PA      | $2030671.60   | 0.02%             | 2030-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     2498000 | PA      | $2494818.67   | 0.03%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1997443 | PA      | $2003157.43   | 0.02%             | 2055-02-25      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     1986000 | PA      | $1835213.55   | 0.02%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: —       |
| COLT Funding LLC                                        | COLT 2024-5 Mortgage Loan Trust                                                  | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |     6373396 | PA      | $6338488.67   | 0.07%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                     | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     1782000 | PA      | $1742761.07   | 0.02%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTRICA PLC                                            | Centrica PLC                                                                     | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | DBT              | CORP              | GB        |     4418000 | PA      | $5903180.36   | 0.07%             | 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        |     4163000 | PA      | $4220166.94   | 0.05%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PRKCM Trust                                             | PRKCM 2022-AFC1 Trust                                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       92800 | PA      | $91768.39     | 0.00%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2013-2 Ltd                                                              | CUSIP: 92916WAA7<br>LEI: 5493007ASGBOUR3XJY69 | Long             | ABS-CBDO         | CORP              | KY        |      351185 | PA      | $351185.33    | 0.00%             | 2031-04-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2016-12 Ltd                                                              | CUSIP: 67092RAY4<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1999657.00   | 0.02%             | 2037-10-18      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers Clo 44 Ltd                                        | CUSIP: 64133VAQ0<br>LEI: 549300HMTDFWN3B2DI35 | Long             | ABS-CBDO         | CORP              | KY        |      425000 | PA      | $416311.51    | 0.00%             | 2035-10-16      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                             | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132212.98    | 0.00%             | 2060-04-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |      376000 | PA      | $361885.34    | 0.00%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| LEASED AND TENANTED PUBS 1 LTD                          | Leased and Tenanted Pubs 1 LTD GBP 2nd Lien Term Loan                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     4312596 | PA      | $5632451.41   | 0.06%             | 2028-03-31      | Floating      | 13.83%                | No            |                  3 | On Loan: No      |
| INDUSTRIAS PENOLES SAB D                                | Industrias Penoles SAB de CV                                                     | CUSIP: 000000000<br>LEI: 549300WA2HB7776CB324 | Long             | DBT              | CORP              | MX        |      436000 | PA      | $414697.04    | 0.00%             | 2029-09-12      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      572000 | PA      | $633896.70    | 0.01%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1128000 | PA      | $1164385.90   | 0.01%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                | BX Trust 2022-VAMF                                                               | CUSIP: 05609TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4850000 | PA      | $4825750.00   | 0.06%             | 2039-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      848035 | PA      | $839707.10    | 0.01%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                  | EDP SA                                                                           | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     3100000 | PA      | $3185042.63   | 0.04%             | 2082-03-14      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      542000 | PA      | $528666.80    | 0.01%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      595000 | PA      | $509558.00    | 0.01%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                             | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132667.69    | 0.00%             | 2060-04-28      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Last Mile Securities                                    | Last Mile Securities PE 2021 DAC                                                 | CUSIP: 000000000<br>LEI: 635400UJZKP57EXKMQ33 | Long             | ABS-MBS          | CORP              | IE        |      914812 | PA      | $1030990.09   | 0.01%             | 2031-08-17      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1810000 | PA      | $1141019.36   | 0.01%             | 2035-03-11      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                           | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     1800000 | PA      | $2038880.13   | 0.02%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      916000 | PA      | $905885.25    | 0.01%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Cross Mortgage Trust                                    | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2979333 | PA      | $2990610.37   | 0.03%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                        | Great Wolf Trust 2024-WOLF                                                       | CUSIP: 39152MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5250000 | PA      | $5238515.63   | 0.06%             | 2039-03-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I2                                                                | CUSIP: 12570HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      720066 | PA      | $726115.09    | 0.01%             | 2067-12-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| BANK NEGARA INDONESIA                                   | Bank Negara Indonesia Persero Tbk PT                                             | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |     4500000 | PA      | $4237020.00   | 0.05%             | 2027-03-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     6407000 | PA      | $6504424.20   | 0.07%             | 2032-06-21      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                   | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |     2685000 | PA      | $2447993.47   | 0.03%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |      400000 | PA      | $474736.87    | 0.01%             | 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        |     7400000 | PA      | $7772200.98   | 0.09%             | 2027-10-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KAPLA HOLDING SAS                                       | Kapla Holding SAS                                                                | CUSIP: 000000000<br>LEI: 894500PJ28XTH66K4X83 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $1132841.45   | 0.01%             | 2030-07-31      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $368.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                         | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     1649000 | PA      | $1658300.36   | 0.02%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                 | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     1500000 | PA      | $1795947.52   | 0.02%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                          | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      464000 | PA      | $306402.40    | 0.00%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs International                             | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |           1 | NC      | $-25.46       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                              | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      500000 | PA      | $461595.25    | 0.01%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                 | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      201000 | PA      | $190950.00    | 0.00%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      255000 | PA      | $233962.50    | 0.00%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2024-B                                         | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4287000 | PA      | $4278103.62   | 0.05%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2022-2                                          | CUSIP: 68268VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1064021 | PA      | $1063233.99   | 0.01%             | 2034-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     5912000 | PA      | $7005493.19   | 0.08%             | 2033-05-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1033000 | PA      | $1042223.04   | 0.01%             | 2033-12-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| INV 2024-IND Mortgage Trust                             | INV 2024-IND Mortgage Trust                                                      | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7342000 | PA      | $7323645.00   | 0.08%             | 2041-11-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2015-C28                                   | CUSIP: 94989JBB1<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-MBS          | CORP              | US        |      413317 | PA      | $411847.04    | 0.00%             | 2048-05-15      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-3859.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO VIII Ltd                                             | CUSIP: 08180XAS1<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000400.00   | 0.01%             | 2031-01-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                     | MidOcean Credit CLO XII Ltd                                                      | CUSIP: 59803TAQ4<br>LEI: 5493000CPZWPTWX7TF71 | Long             | ABS-CBDO         | CORP              | JE        |     2500000 | PA      | $2500000.00   | 0.03%             | 2036-04-18      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| GLOBAL SWITCH FINANCE                                   | Global Switch Finance BV                                                         | CUSIP: 000000000<br>LEI: 635400GVJAKOJNEUMF33 | Long             | DBT              | CORP              | NL        |     6715000 | PA      | $7180333.38   | 0.08%             | 2030-10-07      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                          | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2160000 | PA      | $2207764.73   | 0.03%             | 2041-12-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     7350000 | PA      | $8337610.46   | 0.10%             | 2027-03-19      | Floating      | 3.11%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | RAD CLO 24 Ltd                                                                   | CUSIP: 75010CAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001799.70   | 0.01%             | 2037-07-20      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                      | CUSIP: 000000000<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     3362000 | PA      | $3910783.63   | 0.04%             | 2032-05-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      233000 | PA      | $233000.00    | 0.00%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                    | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |      400000 | PA      | $444303.97    | 0.01%             | 2026-01-21      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     5800000 | PA      | $6276041.68   | 0.07%             | 2026-11-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Trust 2015-3                                                                | CUSIP: 12649XAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      128929 | PA      | $119974.24    | 0.00%             | 2045-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $69954.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd                                    | TCI-Flatiron Clo 2017-1 Ltd                                                      | CUSIP: 87231BAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2502250.25   | 0.03%             | 2030-11-17      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |     3300000 | PA      | $3732425.24   | 0.04%             | 2035-04-18      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 14 Ltd                                         | CUSIP: 38137VAG2<br>LEI: 549300QXPI5JCSVZ9W25 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $958910.10    | 0.01%             | 2037-07-20      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-CCRE24 Mortgage Trust                                                  | CUSIP: 12593JBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       93957 | PA      | $93613.67     | 0.00%             | 2048-08-10      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     2796000 | PA      | $2718515.29   | 0.03%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2025-FL14 LLC                                                                | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     7895000 | PA      | $7764378.80   | 0.09%             | 2042-10-21      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2021-STOR                                                                    | CUSIP: 55293BAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      350000 | PA      | $346500.00    | 0.00%             | 2038-07-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-4                                                  | CUSIP: 034943AA8<br>LEI: 25490046TFINGL6XED11 | Long             | ABS-MBS          | CORP              | US        |     1902668 | PA      | $1920638.71   | 0.02%             | 2069-01-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                               | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     2248000 | PA      | $2230075.57   | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                        | RCO VII Mortgage LLC 2024-1                                                      | CUSIP: 754921AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      556180 | PA      | $558915.20    | 0.01%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2016-C1                               | CUSIP: 46645LBD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      430000 | PA      | $419545.67    | 0.00%             | 2049-03-17      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      623000 | PA      | $705765.87    | 0.01%             | 2033-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2022-4 Mortgage Loan Trust                                                  | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1725232 | PA      | $1711058.59   | 0.02%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| ERM Emerald US Inc                                      | ERM Emerald US Inc EUR Term Loan B2                                              | CUSIP: 000000000<br>LEI: 213800T6AWJ7S2PD5U82 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2269099.58   | 0.03%             | 2028-07-12      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-380252.72   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     4645000 | PA      | $4509320.39   | 0.05%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      617000 | PA      | $877439.59    | 0.01%             | 2028-04-10      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     1355000 | PA      | $1320958.57   | 0.02%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4300000 | PA      | $4128161.25   | 0.05%             | 2030-03-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corportation Trust 2021-IP                                | CUSIP: 36262MAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      100000 | PA      | $98878.43     | 0.00%             | 2036-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                         | CFCRE Commercial Mortgage Trust 2016-C4                                          | CUSIP: 12531YAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      435000 | PA      | $427768.65    | 0.00%             | 2058-05-10      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXXI Ltd                                                    | CUSIP: 55817DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4810000 | PA      | $4778735.00   | 0.05%             | 2038-04-23      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      990747 | PA      | $921693.09    | 0.01%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2023-3 Ltd                                                     | CUSIP: 87122FAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001545.70   | 0.01%             | 2037-04-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $94073.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     2000000 | PA      | $2295834.85   | 0.03%             | 2029-09-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2025-1                                                  | CUSIP: 35040WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4000297 | PA      | $4011448.97   | 0.05%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $129546.24    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1030000 | PA      | $975846.62    | 0.01%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     5032000 | PA      | $5090111.60   | 0.06%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2432000 | PA      | $1664521.60   | 0.02%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-CCRE22 Mortgage Trust                                                  | CUSIP: 12592XBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      325000 | PA      | $318305.81    | 0.00%             | 2048-03-10      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                     | Prestige Brands Inc                                                              | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |      582000 | PA      | $577156.36    | 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        |     3000000 | PA      | $3436806.01   | 0.04%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                            | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |     1868000 | PA      | $2201784.78   | 0.03%             | 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        |     2227000 | PA      | $2240324.14   | 0.03%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                       | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |       79228 | PA      | $89981.29     | 0.00%             | 2036-11-17      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     7104000 | PA      | $7410310.27   | 0.09%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |        6000 | PA      | $5818.94      | 0.00%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                           | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      397000 | PA      | $377052.74    | 0.00%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                           | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      508000 | PA      | $458851.00    | 0.01%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: —       |
| Rockland Park CLO Ltd                                   | Rockland Park CLO Ltd                                                            | CUSIP: 77366PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $972506.00    | 0.01%             | 2034-04-20      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                             | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     3917000 | PA      | $3383453.40   | 0.04%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     2168000 | PA      | $1898737.00   | 0.02%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-2 Ltd                                            | CUSIP: 69701NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      105776 | PA      | $105697.44    | 0.00%             | 2030-10-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.876800 01-APR-2031 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    20000000 | OU      | $496223.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     6457000 | PA      | $5960801.50   | 0.07%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| SELF Commercial Mortgage Trust                          | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3050000 | PA      | $3021496.53   | 0.03%             | 2034-11-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2004-A                                     | CUSIP: 78443CBH6<br>LEI: 54930054KUX5HFXZUQ43 | Long             | ABS-O            | CORP              | US        |      283034 | PA      | $281828.61    | 0.00%             | 2033-06-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| TICP CLO LTD                                            | TICP CLO XII Ltd                                                                 | CUSIP: 87250FAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250000.00    | 0.00%             | 2034-07-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-6607.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7471000 | PA      | $7442463.77   | 0.09%             | 2041-11-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AP2<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |      700000 | PA      | $613285.80    | 0.01%             | 2030-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                              | AB BSL CLO 2 Ltd                                                                 | CUSIP: 00037LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1495584.75   | 0.02%             | 2034-04-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      950000 | PA      | $998925.00    | 0.01%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | AOMT 2024-6                                                                      | CUSIP: 034944AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      939066 | PA      | $926570.57    | 0.01%             | 2067-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      392000 | PA      | $371323.41    | 0.00%             | 2035-09-14      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     3590000 | PA      | $3898693.26   | 0.04%             | 2029-09-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-INV3 Trust                                                              | CUSIP: 55284PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100000 | PA      | $938972.43    | 0.01%             | 2066-12-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                    | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $539174.16    | 0.01%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AZUL SECURED FINANCE LLP                                | Azul Secured Finance LLP                                                         | CUSIP: 05501WAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      213528 | PA      | $126515.34    | 0.00%             | 2028-08-28      | Fixed         | 11.93%                | No            |                  2 | On Loan: —       |
| Apidos CLO Ltd                                          | APIDOS CLO XLVIII Ltd                                                            | CUSIP: 03770WAA9<br>LEI: 25490046M6DC4604K633 | Long             | ABS-CBDO         | CORP              | JE        |      489000 | PA      | $489281.47    | 0.01%             | 2037-07-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2023-A                                            | CUSIP: 56847FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5997000 | PA      | $6051810.78   | 0.07%             | 2035-10-22      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                        | CUSIP: 749752AE1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2500500.00   | 0.03%             | 2034-10-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                        | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |     1647000 | PA      | $1503808.67   | 0.02%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     2853000 | PA      | $2570892.51   | 0.03%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| MAGELLAN CAPITAL HOLD                                   | Magellan Capital Holdings PLC                                                    | CUSIP: 000000000<br>LEI: 254900YN2K3DJ8B72Q22 | Long             | DBT              | CORP              | GB        |      627000 | PA      | $638909.87    | 0.01%             | 2029-07-08      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                                | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |      530000 | PA      | $506361.42    | 0.01%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                                    | Adler Financing Sarl                                                             | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |     7201302 | PA      | $8361948.64   | 0.10%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2015-10 Ltd                                                              | CUSIP: 67092DBD0<br>LEI: 254900FZYL5HDKV64882 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1998437.00   | 0.02%             | 2038-01-26      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-LBA                                                                | CUSIP: 05609BAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1194123 | PA      | $1183674.17   | 0.01%             | 2036-02-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| LIFE TIME FITNESS INC                                   | Life Time Fitness Inc 2024 Term Loan B                                           | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | Paramount Global                                                                 | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      662000 | PA      | $636794.68    | 0.01%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |     1000000 | PA      | $1135445.87   | 0.01%             | 2038-05-14      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     4741000 | PA      | $5000853.97   | 0.06%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                            | AES Corp/The                                                                     | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     1976000 | PA      | $1952411.90   | 0.02%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XIII Ltd                                                        | CUSIP: 83012XAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $988361.80    | 0.01%             | 2038-01-21      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2021-C                                 | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3870176 | PA      | $3477236.34   | 0.04%             | 2069-10-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                                 | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |      504000 | PA      | $503027.28    | 0.01%             | 2025-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean Inc                                                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     3298000 | PA      | $2659014.81   | 0.03%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 8.446500 26-MAR-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    11154049 | OU      | $-7236.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXVII CLO Ltd                                                             | CUSIP: 36320UAC4<br>LEI: 549300GJYHKO4BDEN716 | Long             | ABS-CBDO         | CORP              | KY        |      361780 | PA      | $361757.64    | 0.00%             | 2031-05-16      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2024-2                                                  | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3559859 | PA      | $3549151.88   | 0.04%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2022-1                                                    | CUSIP: 52608JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | PA      | $300540.90    | 0.00%             | 2032-07-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-B                                            | CUSIP: 56847JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1177000 | PA      | $1097860.76   | 0.01%             | 2036-11-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| SISECAM UK PLC                                          | Sisecam UK PLC                                                                   | CUSIP: 000000000<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |      552000 | PA      | $552000.00    | 0.01%             | 2029-05-02      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      624000 | PA      | $626315.04    | 0.01%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                              | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     2844000 | PA      | $2827503.66   | 0.03%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FF3Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    69090264 | PA      | $858280.71    | 0.01%             | 2027-12-25      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXVI Ltd                                                            | CUSIP: 87190GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1650811 | PA      | $1649621.13   | 0.02%             | 2033-04-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                     | NOVA Chemicals Corp                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     1992000 | PA      | $1882440.00   | 0.02%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 7 Ltd                                                                    | CUSIP: 74936GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1500000.00   | 0.02%             | 2036-04-17      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1213000 | PA      | $1078660.25   | 0.01%             | 2028-09-28      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Race Point CLO Ltd                                      | Race Point IX CLO Ltd                                                            | CUSIP: 74982WAA4<br>LEI: 549300C3570PBQ31OI09 | Long             | ABS-CBDO         | CORP              | KY        |      191612 | PA      | $191449.60    | 0.00%             | 2030-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |           1 | NC      | $-20770.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                     | Affirm Master Trust                                                              | CUSIP: 00833BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5756000 | PA      | $5785159.90   | 0.07%             | 2033-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     4741000 | PA      | $4856462.31   | 0.06%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT                                   | Freeport Indonesia PT                                                            | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     4500000 | PA      | $4341105.00   | 0.05%             | 2052-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                       | Clarios Global LP 2024 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     2000000 | PA      | $2215946.23   | 0.03%             | 2031-07-16      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      200000 | PA      | $168650.00    | 0.00%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HJ6Z5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    13696526 | PA      | $13692528.21  | 0.16%             | 2055-02-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $484954.30    | 0.01%             | 2035-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-5                                       | CUSIP: 64829XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      154221 | PA      | $153700.88    | 0.00%             | 2057-12-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                 | Warwick Capital CLO 5 Ltd                                                        | CUSIP: 93656FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499779.10    | 0.01%             | 2038-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     1285000 | PA      | $1279005.86   | 0.01%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                          | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132269.08    | 0.00%             | 2056-10-21      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                               | LBA Trust 2024-BOLT                                                              | CUSIP: 50177BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7325000 | PA      | $7325000.00   | 0.08%             | 2039-06-15      | Floating      | 5.91%                 | No            |                  2 | 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        |    13014000 | PA      | $14703110.69  | 0.17%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Betony CLO 2, Ltd.                                      | Betony CLO 2 Ltd                                                                 | CUSIP: 08763QAE2<br>LEI: 5493000QRX4XEMRJZO43 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248979.10    | 0.00%             | 2031-04-30      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: CZK 3.455000 19-MAR-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    75702260 | OU      | $29636.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     4500000 | PA      | $5314484.97   | 0.06%             | 2028-11-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                         | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |      100000 | PA      | $114128.23    | 0.00%             | 2026-08-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     1555000 | PA      | $1424108.03   | 0.02%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 16 Ltd                                                                        | CUSIP: 74971CAA1<br>LEI: 549300FLUOZC8QYYKL96 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249374.55    | 0.00%             | 2036-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | AIMCO CLO Series 2018-B                                                          | CUSIP: 00900PAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250450.05    | 0.00%             | 2037-04-16      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-SOAR                                           | CUSIP: 05608WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1709639 | PA      | $1702693.31   | 0.02%             | 2038-06-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | XX        |           1 | NC      | $-7446.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2021-2                                                  | CUSIP: 03465DAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1482779 | PA      | $1295978.22   | 0.01%             | 2066-04-25      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2020-2                                                  | CUSIP: 03464XAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       85844 | PA      | $83237.48     | 0.00%             | 2065-01-26      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS 2018-TALL Mortgage Trust                                                   | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3765012.80   | 0.04%             | 2037-03-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2017-1 Ltd                                                      | CUSIP: 87232BAF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      384410 | PA      | $383760.36    | 0.00%             | 2030-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XII-B Ltd                                            | CUSIP: 081917AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      950000 | PA      | $949724.31    | 0.01%             | 2037-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Henley CLO                                              | Henley CLO IV DAC                                                                | CUSIP: 000000000<br>LEI: 6354009HFM8XXW6PPK55 | Long             | ABS-CBDO         | CORP              | IE        |     1000000 | PA      | $1127297.39   | 0.01%             | 2034-04-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp                                    | Western Digital Corp                                                             | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |      658000 | PA      | $653663.52    | 0.01%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                     | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |      570000 | PA      | $505447.50    | 0.01%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2015-A                                      | CUSIP: 63939EAD5<br>LEI: 549300YZ4ZMNDBNO4U12 | Long             | ABS-O            | CORP              | US        |      315810 | PA      | $316598.62    | 0.00%             | 2030-11-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-128343.96   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                               | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     7287000 | PA      | $7686560.78   | 0.09%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                                           | Methanex Corp                                                                    | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |      183000 | PA      | $179631.19    | 0.00%             | 2027-10-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1266000 | PA      | $1258335.89   | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      296886 | PA      | $197429.19    | 0.00%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                      | A&D Mortgage Trust 2024-NQM1                                                     | CUSIP: 00039GAA7<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |      743717 | PA      | $748863.17    | 0.01%             | 2069-02-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1200000 | PA      | $1174408.80   | 0.01%             | 2026-07-29      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3770000 | PA      | $3761010.81   | 0.04%             | 2041-05-17      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | ICE: (ITRAXX.XO.42.V1)                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    54468354 | OU      | $4344155.01   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nyack Park CLO, Ltd.                                    | NYACK Park CLO Ltd                                                               | CUSIP: 67080PAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      252000 | PA      | $252000.00    | 0.00%             | 2034-10-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                           | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |       99899 | PA      | $131717.57    | 0.00%             | 2061-09-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM6 Trust                                                              | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2055165 | PA      | $2069334.81   | 0.02%             | 2063-07-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |           1 | NC      | $47578.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TTAN                                                    | TTAN 2021-MHC                                                                    | CUSIP: 87303TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6159277 | PA      | $6147728.67   | 0.07%             | 2038-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      309000 | PA      | $306991.50    | 0.00%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| Progress Residential Trust                              | Progress Residential 2024-SFR2 Trust                                             | CUSIP: 74290XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2089000 | PA      | $1962663.13   | 0.02%             | 2041-04-17      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |           3 | NC      | $5701.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XX                                                                    | CUSIP: 03765LAP7<br>LEI: 5493008YDOADR1DMZM86 | Long             | ABS-CBDO         | CORP              | KY        |      540500 | PA      | $540405.97    | 0.01%             | 2031-07-16      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     3156000 | PA      | $3055951.33   | 0.04%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-2                                                  | CUSIP: 03464PAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1439707 | PA      | $1336413.95   | 0.02%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                    | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |      165000 | PA      | $146407.98    | 0.00%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-73067.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                         | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |      500000 | PA      | $506950.60    | 0.01%             | 2028-05-03      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     2243000 | PA      | $2133445.15   | 0.02%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| BAUSCH + LOMB CORP                                      | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     8553000 | PA      | $8884856.40   | 0.10%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| FORTRESS TRANS & INFRAST                                | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |      254000 | PA      | $258262.63    | 0.00%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENBW INTL FINANCE BV                                    | EnBW International Finance BV                                                    | CUSIP: 000000000<br>LEI: 724500CNCIO1ZTJ0X675 | Long             | DBT              | CORP              | NL        |     2220000 | PA      | $2652929.79   | 0.03%             | 2034-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Silae                                                   | Silae 2023 EUR Term Loan B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2260036.77   | 0.03%             | 2031-01-11      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2020-1                                                | CUSIP: 92536PAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5400000 | PA      | $5101235.82   | 0.06%             | 2060-01-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                             | Allied Universal Holdco LLC 2021 EUR Term Loan                                   | CUSIP: 01957TAK3<br>LEI: 549300ONXPZT3KQZDR65 | Long             | LON              | CORP              | LU        |     1974425 | PA      | $2221943.09   | 0.03%             | 2028-05-12      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                                  | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |      600000 | PA      | $469500.00    | 0.01%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     5304000 | PA      | $4628514.38   | 0.05%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |           1 | NC      | $151545.16    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carbone CLO, LTD                                        | Carbone Clo Ltd                                                                  | CUSIP: 141312AA6<br>LEI: 5493005I53NEC017LN87 | Long             | ABS-CBDO         | CORP              | KY        |     1754810 | PA      | $1754270.73   | 0.02%             | 2031-01-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      825000 | PA      | $813656.75    | 0.01%             | 2026-11-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-B                                            | CUSIP: 56847JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1987000 | PA      | $1894007.41   | 0.02%             | 2036-11-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-C                                          | CUSIP: 78449CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5072000 | PA      | $4908902.23   | 0.06%             | 2050-05-16      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                              | AB BSL CLO 3 Ltd                                                                 | CUSIP: 00037QAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1979469.80   | 0.02%             | 2038-04-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-PT-A                                       | CUSIP: 78449VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      566843 | PA      | $564656.68    | 0.01%             | 2054-09-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     1300000 | PA      | $1778292.57   | 0.02%             | 2027-09-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSNET SOC LTD                                        | Transnet SOC Ltd                                                                 | CUSIP: 000000000<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | CORP              | ZA        |      442000 | PA      | $444486.25    | 0.01%             | 2028-02-06      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                      | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |     6440351 | PA      | $6474700.62   | 0.07%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2020-B Trust                                      | CUSIP: 83405FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1556232 | PA      | $1466510.32   | 0.02%             | 2046-05-15      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                              | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      603000 | PA      | $534861.00    | 0.01%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $4812.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2020-C Trust                                      | CUSIP: 83390UAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      537000 | PA      | $452638.59    | 0.01%             | 2046-02-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC       | EDvestinU Private Education Loan Issue No 1 LLC                                  | CUSIP: 28166GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       52894 | PA      | $51762.38     | 0.00%             | 2038-11-25      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| BELDEN INC                                              | Belden Inc                                                                       | CUSIP: 000000000<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | DBT              | CORP              | US        |      100000 | PA      | $112332.78    | 0.00%             | 2027-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      790000 | PA      | $836690.54    | 0.01%             | 2080-08-27      | Fixed         | 3.00%                 | 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        |     4221000 | PA      | $4481794.49   | 0.05%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2020-ATrust                                       | CUSIP: 83406TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      365000 | PA      | $311493.30    | 0.00%             | 2046-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                                  | Group 1 Automotive Inc                                                           | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |      435000 | PA      | $413543.28    | 0.00%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-3 Ltd                                                     | CUSIP: 69688FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000275.50   | 0.01%             | 2035-01-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-GPA2                                           | CUSIP: 12433DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5750000 | PA      | $5748203.13   | 0.07%             | 2041-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2025-A                                                 | CUSIP: 64033XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     6186000 | PA      | $6126684.30   | 0.07%             | 2057-03-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                   | CUSIP: 548661DZ7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     3242000 | PA      | $1978220.32   | 0.02%             | 2050-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| HOMES Trust                                             | HOMES 2024-NQM1 Trust                                                            | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |     8813995 | PA      | $8858274.32   | 0.10%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                       | INEOS Finance PLC                                                                | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     5503000 | PA      | $6132772.63   | 0.07%             | 2029-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2023-3 LLC                                            | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      513446 | PA      | $521841.36    | 0.01%             | 2030-03-20      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2023-2 Mortgage Loan Trust                                                  | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |     2664172 | PA      | $2683271.53   | 0.03%             | 2068-07-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| SYNTHOMER PLC                                           | Synthomer PLC                                                                    | CUSIP: 000000000<br>LEI: 213800EHT3TI1KPQQJ56 | Long             | DBT              | CORP              | GB        |     6000000 | PA      | $6422718.64   | 0.07%             | 2029-05-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                     | Travel + Leisure Co                                                              | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      278000 | PA      | $260558.50    | 0.00%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                     | LBM Acquisition LLC                                                              | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     4097000 | PA      | $3590127.76   | 0.04%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | IN        |           1 | NC      | $167256.47    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   214339298 | PA      | $11167508.09  | 0.13%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                                | Consolidated Communications Inc                                                  | CUSIP: 20903XAH6<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |      625000 | PA      | $593456.25    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean Inc                                                                   | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1986000 | PA      | $1844875.83   | 0.02%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| WORLDLINE SA/FRANCE                                     | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     4654600 | PA      | $5105079.24   | 0.06%             | 2026-07-30      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |      141000 | PA      | $160469.73    | 0.00%             | 2039-11-15      | Floating      | 3.46%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2143000 | PA      | $2178534.80   | 0.03%             | 2059-06-25      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | 10Y RTP 4.250000 09-JUN-2025                                                     | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |   -59919668 | OU      | $-36767.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                  | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     8243000 | PA      | $9124230.69   | 0.10%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CITY OF ULAANBAATAAR MON                                | City of Ulaanbaatar Mongolia                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     4018000 | PA      | $3982842.50   | 0.05%             | 2027-08-21      | Fixed         | 7.75%                 | No            |                  2 | 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        |     7548000 | PA      | $9808931.57   | 0.11%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BTK44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2260134 | PA      | $2257603.78   | 0.03%             | 2054-12-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MONTENEGRO                                  | Montenegro Government International Bond                                         | CUSIP: 000000000<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |      374000 | PA      | $412299.53    | 0.00%             | 2027-12-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                     | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      100000 | PA      | $96904.69     | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      619000 | PA      | $614357.50    | 0.01%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | AIMCO CLO 23 Ltd                                                                 | CUSIP: 00901JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1231908.75   | 0.01%             | 2038-04-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                             | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |      715000 | PA      | $612558.80    | 0.01%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| ONE Park Mortgage Trust                                 | ONE 2021-PARK Mortgage Trust                                                     | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1800000 | PA      | $1760062.50   | 0.02%             | 2036-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-66902.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     5964000 | PA      | $4445990.18   | 0.05%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                        | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      200000 | PA      | $210300.00    | 0.00%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                       | Wells Fargo & Co.                                                                | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2072000 | PA      | $2225135.65   | 0.03%             | 2030-05-04      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                              | CD&R Firefly Bidco Limited 2024 EUR Term Loan B9                                 | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2245876.14   | 0.03%             | 2028-06-21      | Floating      | 5.91%                 | No            |                  3 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                                | Development Bank of Kazakhstan JSC                                               | CUSIP: 25159XAF0<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |   237500000 | PA      | $416883.09    | 0.00%             | 2028-05-23      | Fixed         | 13.49%                | No            |                  2 | On Loan: No      |
| Coast Investment Grade                                  | COAST Commercial Mortgage Trust 2023-2HTL                                        | CUSIP: 19033EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2644614 | PA      | $2637039.03   | 0.03%             | 2036-08-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |           1 | NC      | $148899.76    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                    | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     2471000 | PA      | $2885001.38   | 0.03%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C33                                   | CUSIP: 95000LBB8<br>LEI: 549300JPCJUA5JJLRW54 | Long             | ABS-MBS          | CORP              | US        |      850000 | PA      | $836502.77    | 0.01%             | 2059-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2578000 | PA      | $2568700.64   | 0.03%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XI Ltd                                      | Elmwood CLO XI Ltd                                                               | CUSIP: 29002LAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $982434.40    | 0.01%             | 2038-01-20      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2023-19 Ltd                                                  | CUSIP: 11765AAY5<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $737831.85    | 0.01%             | 2038-04-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                     | Xerox Holdings Corp                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     1305000 | PA      | $781361.57    | 0.01%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      409000 | PA      | $413319.86    | 0.00%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      995000 | PA      | $854088.10    | 0.01%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: —       |
| Rad CLO Ltd                                             | RAD CLO 21 Ltd                                                                   | CUSIP: 750099AQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3120000 | PA      | $3067120.99   | 0.04%             | 2037-01-25      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: OIS 9.730000 10-MAY-2025 IBR                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  5311015872 | OU      | $5233.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                      | Advance Auto Parts Inc                                                           | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     1848000 | PA      | $1662388.89   | 0.02%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| State Street Bank & Trust Co.                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |           1 | NC      | $-7547.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                                | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 000000000<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |     4360000 | PA      | $4196500.00   | 0.05%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| MINERAL RESOURCES LTD                                   | Mineral Resources Ltd                                                            | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     2763000 | PA      | $2624083.27   | 0.03%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Verizon Master Trust                                    | Verizon Master Trust                                                             | CUSIP: 92348KCH4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |      345000 | PA      | $351335.86    | 0.00%             | 2031-12-22      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3630000 | PA      | $3671466.58   | 0.04%             | 2037-11-20      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2015-GC32                                           | CUSIP: 36250PAL9<br>LEI: 54930066YOFVQE068N73 | Long             | ABS-MBS          | CORP              | US        |      205000 | PA      | $199877.58    | 0.00%             | 2048-07-10      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: CZK 3.060000 18-JUN-2027 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    25338000 | OU      | $-2823.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ATHENA HOLDCO SAS                                       | Athena Holdco SAS 2024 EUR 1st Lien Term Loan B                                  | CUSIP: 000000000<br>LEI: 2549000RJO0263KQGB75 | Long             | LON              | CORP              | FR        |     1000000 | PA      | $1130902.01   | 0.01%             | 2031-04-14      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-69956.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     3379000 | PA      | $3520776.08   | 0.04%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| Italian Stella Loans Srl                                | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |      742182 | PA      | $841992.14    | 0.01%             | 2036-12-29      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BVWT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    17410000 | PA      | $17562710.07  | 0.20%             | 2055-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4404000 | PA      | $4610261.34   | 0.05%             | 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        |     1420000 | PA      | $1581267.58   | 0.02%             | 2039-01-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CONTINUUM GRN SPV CO-ISS                                | Continuum Green Energy India Pvt / Co-Issuers                                    | CUSIP: 89629LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |      302948 | PA      | $303417.07    | 0.00%             | 2033-06-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                             | ProGroup AG                                                                      | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |     3232000 | PA      | $3578369.53   | 0.04%             | 2029-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2016-3 Ltd                                                      | CUSIP: 09628VAY0<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001999.00   | 0.01%             | 2030-11-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     5270000 | PA      | $4715341.46   | 0.05%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| CLARIOS GLOBAL LP                                       | Clarios Global LP 2025 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     1000000 | PA      | $1116571.45   | 0.01%             | 2032-01-28      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED UYU / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |           1 | NC      | $326.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-44637.63    | -0.00%            |  |  |  | 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        |      957150 | OU      | $16195.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QSRP FINCO BV                                           | QSRP Finco BV EUR Term Loan B                                                    | CUSIP: 000000000<br>LEI: 894500AXJRZ3TICBD793 | Long             | LON              | CORP              | BE        |     2000000 | PA      | $2262302.47   | 0.03%             | 2031-06-19      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      323000 | PA      | $333587.55    | 0.00%             | 2036-09-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2017-3 Ltd                                                        | CUSIP: 14314FBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $996600.30    | 0.01%             | 2037-10-21      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |      563000 | PA      | $578593.97    | 0.01%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1635000 | PA      | $1529318.34   | 0.02%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2015-3 Ltd                                                              | CUSIP: 92913UBC9<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |     1771407 | PA      | $1771407.47   | 0.02%             | 2031-10-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-CSMO                                           | CUSIP: 05610MAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      600000 | PA      | $601312.50    | 0.01%             | 2027-06-15      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      270000 | PA      | $321206.25    | 0.00%             | 2027-11-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| AUTOSTRADE PER L'ITALIA                                 | Autostrade per l'Italia SpA                                                      | CUSIP: 000000000<br>LEI: 815600149448CEB9B230 | Long             | DBT              | CORP              | IT        |     4061000 | PA      | $4533338.54   | 0.05%             | 2027-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $26334.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      701000 | PA      | $670097.82    | 0.01%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWAP/CDSWAP/SCDS: (MEX)                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |      302000 | OU      | $5186.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SGL GROUP APS                                           | SGL Group ApS                                                                    | CUSIP: 000000000<br>LEI: 636700YQKGLXCPPUYE74 | Long             | DBT              | CORP              | DK        |     9023000 | PA      | $10011142.94  | 0.12%             | 2030-04-22      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5926973 | PA      | $5923268.18   | 0.07%             | 2034-05-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |      109000 | PA      | $145481.12    | 0.00%             | 2057-01-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8239155 | PA      | $8236579.81   | 0.09%             | 2039-02-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| PCL Funding                                             | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |     1142000 | PA      | $1520320.34   | 0.02%             | 2029-07-16      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                                     | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   385526876 | NS      | $385681086.44 | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      241000 | PA      | $236411.12    | 0.00%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      224000 | PA      | $227594.21    | 0.00%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD TRESRY                                | Heimstaden Bostad Treasury BV                                                    | CUSIP: 000000000<br>LEI: 549300ORG6UYMJBCV938 | Long             | DBT              | CORP              | NL        |      961000 | PA      | $1042618.63   | 0.01%             | 2027-03-03      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                     | Elmwood CLO II Ltd                                                               | CUSIP: 29001LAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $750000.00    | 0.01%             | 2037-10-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5337376 | PA      | $5330704.00   | 0.06%             | 2038-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3439000 | PA      | $3246536.92   | 0.04%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITYCON OYJ                                             | Citycon Oyj                                                                      | CUSIP: 000000000<br>LEI: 549300P8N0P6KDGTJ206 | Long             | DBT              | CORP              | FI        |     2495000 | PA      | $2609898.51   | 0.03%             | 2026-06-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                      | Crown Americas LLC                                                               | CUSIP: 228180AB1<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |      555000 | PA      | $553756.56    | 0.01%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     2164000 | PA      | $2145008.09   | 0.02%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2017-3 Ltd                                                    | CUSIP: 77341DAA5<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |      486666 | PA      | $486665.64    | 0.01%             | 2030-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2226378.77   | 0.03%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      575000 | PA      | $545896.84    | 0.01%             | 2035-09-14      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |      600000 | PA      | $676645.49    | 0.01%             | 2035-04-18      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |      200000 | PA      | $225656.12    | 0.00%             | 2035-04-18      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                             | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132267.75    | 0.00%             | 2060-04-28      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                             | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      501000 | PA      | $506791.56    | 0.01%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2015-C                                          | CUSIP: 78448RAE6<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |       26082 | PA      | $25894.25     | 0.00%             | 2043-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 38 Ltd                                                              | CUSIP: 87169PAA6<br>LEI: 254900T60KIPND298026 | Long             | ABS-CBDO         | CORP              | BM        |     1260000 | PA      | $1260000.00   | 0.01%             | 2036-04-24      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| UPFIELD B V                                             | Upfield BV 2025 EUR Term Loan B13                                                | CUSIP: 000000000<br>LEI: 2549002VGA888UKFKS25 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2245876.14   | 0.03%             | 2028-01-02      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4800000 | PA      | $4850554.56   | 0.06%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                        | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     2060000 | PA      | $1899568.02   | 0.02%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4477000 | PA      | $4240789.00   | 0.05%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                                    | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      477000 | PA      | $474696.09    | 0.01%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     2843000 | PA      | $2779910.13   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      994000 | PA      | $1054147.81   | 0.01%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $113177.43    | 0.00%             | 2038-05-14      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                        | SoFi Consumer Loan Program 2025-1 Trust                                          | CUSIP: 83406YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1480000 | PA      | $1485828.83   | 0.02%             | 2034-02-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Annisa CLO Ltd                                          | Annisa CLO Ltd 2016-2                                                            | CUSIP: 036011AU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      400000 | PA      | $397840.04    | 0.00%             | 2031-07-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| INTRUM AB                                               | Intrum AB                                                                        | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |     2882000 | PA      | $2513953.89   | 0.03%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2021-1                                          | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | PA      | $185729.18    | 0.00%             | 2036-06-16      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                               | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    12647000 | PA      | $15277108.48  | 0.18%             | 2031-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                      | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |      400000 | PA      | $407500.00    | 0.00%             | 2031-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd                                       | OCP Aegis CLO 2024-39 Ltd                                                        | CUSIP: 67120EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $1983179.80   | 0.02%             | 2037-01-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-28484.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      600000 | PA      | $585600.00    | 0.01%             | 2032-02-12      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     7076000 | PA      | $8935199.77   | 0.10%             | 2028-11-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5241000 | PA      | $5425963.80   | 0.06%             | 2032-06-21      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-A                                          | CUSIP: 78449UAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3600000 | PA      | $3292093.80   | 0.04%             | 2045-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     1446000 | PA      | $1219626.39   | 0.01%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     1913000 | PA      | $1857985.56   | 0.02%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Valley Stream Park CLO, Ltd                             | Valley Stream Park CLO LTD                                                       | CUSIP: 92013AAX7<br>LEI: 213800DEME82SWN32S20 | Long             | ABS-CBDO         | CORP              | JE        |     5840000 | PA      | $5781605.26   | 0.07%             | 2037-01-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2020-2R Mortgage Loan Trust                                                 | CUSIP: 12656GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1055311 | PA      | $981586.04    | 0.01%             | 2065-10-26      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                  | Techem Verwaltungsgesellschaft 675 mbH 2024 EUR Term Loan B5                     | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | LON              | CORP              | DE        |     2000000 | PA      | $2266222.14   | 0.03%             | 2029-07-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | TRSWAP: USHY US EQUITY                                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    10965612 | OU      | $-169315.31   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4593336 | PA      | $4638607.89   | 0.05%             | 2052-11-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4412772 | PA      | $4322895.43   | 0.05%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     7129000 | PA      | $7172950.29   | 0.08%             | 2031-02-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |           1 | NC      | $106342.88    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      710000 | PA      | $949100.65    | 0.01%             | 2032-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-III Ltd                                                        | CUSIP: 12564DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $898124.94    | 0.01%             | 2036-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-3                                                | CUSIP: 92540MAA3<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |     2950099 | PA      | $2977702.90   | 0.03%             | 2069-04-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| INSTRUCTURE HOLDINGS INC                                | Instructure Holdings Inc 2024 Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3750000 | PA      | $3725400.00   | 0.04%             | 2031-11-13      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     1559000 | PA      | $1575611.33   | 0.02%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| MARKET BIDCO FINCO PLC                                  | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |     9791000 | PA      | $10679958.55  | 0.12%             | 2027-11-04      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | Seagate HDD Cayman                                                               | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      961000 | PA      | $1027991.31   | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     8356000 | PA      | $8919980.71   | 0.10%             | 2029-02-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                          | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3320000 | PA      | $3339088.67   | 0.04%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                     | DBGS 2024-SBL                                                                    | CUSIP: 23306QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7820000 | PA      | $7785773.42   | 0.09%             | 2034-08-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    13897000 | PA      | $16763384.46  | 0.19%             | 2030-08-08      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     4900000 | PA      | $5630035.49   | 0.06%             | 2030-09-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MX        |           1 | NC      | $17337.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                                | SCIL IV LLC / SCIL USA Holdings LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      350000 | PA      | $393508.09    | 0.00%             | 2026-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5212000 | PA      | $5262509.49   | 0.06%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| Fair Oaks Loan Funding                                  | Fair Oaks Loan Funding III DAC                                                   | CUSIP: 000000000<br>LEI: 6354002R5DADYSJADR44 | Long             | ABS-CBDO         | CORP              | IE        |     1160000 | PA      | $1287848.51   | 0.01%             | 2034-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                        | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |     1199476 | PA      | $1594138.86   | 0.02%             | 2067-09-22      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd                                    | TCI-Flatiron Clo 2017-1 Ltd                                                      | CUSIP: 87231BAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      219221 | PA      | $219182.15    | 0.00%             | 2030-11-17      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-V Ltd                                                          | CUSIP: 12551MAL3<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |     2170000 | PA      | $2170000.00   | 0.02%             | 2037-07-17      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                             | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |    12694400 | OU      | $-169734.24   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                          | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |     3690000 | PA      | $3741372.92   | 0.04%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1483000 | PA      | $1299329.56   | 0.01%             | 2062-04-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      400000 | PA      | $380220.00    | 0.00%             | 2030-02-04      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                                  | Banque Federative du Credit Mutuel SA                                            | CUSIP: 000000000<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |     1200000 | PA      | $1379132.21   | 0.02%             | 2032-09-14      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2018-I                                                           | CUSIP: 06760GAA9<br>LEI: 549300MY0JQGDVPG6R89 | Long             | ABS-CBDO         | CORP              | KY        |     1169600 | PA      | $1168022.08   | 0.01%             | 2031-04-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 4.910000 14-MAR-2027 CLI                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  1025923000 | OU      | $-10083.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $30224.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                            | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     2400000 | PA      | $2932949.98   | 0.03%             | 2030-01-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-C                                 | CUSIP: 63941KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000371 | PA      | $2013236.15   | 0.02%             | 2068-11-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     2541000 | PA      | $2601077.60   | 0.03%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2021-STOR                                                                    | CUSIP: 55293BAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      215000 | PA      | $213118.75    | 0.00%             | 2038-07-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXII Ltd                                                        | CUSIP: 09629PAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250474.98    | 0.00%             | 2031-07-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   108793600 | PA      | $4999190.88   | 0.06%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM4 Trust                                                             | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2254780 | PA      | $1879991.55   | 0.02%             | 2066-08-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59147.39     | 0.00%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2018-GW                                                                 | CUSIP: 12433UAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1540000 | PA      | $1531243.87   | 0.02%             | 2035-05-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                        | Empower CLO 2023-1 Ltd                                                           | CUSIP: 29244CAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      420000 | PA      | $420000.00    | 0.00%             | 2036-04-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     3300000 | PA      | $3701022.62   | 0.04%             | 2082-03-25      | Fixed         | 4.50%                 | 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        |     8951000 | PA      | $7513031.70   | 0.09%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| Carval CLO LTD                                          | CarVal CLO II Ltd                                                                | CUSIP: 14686AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      976255 | PA      | $971183.28    | 0.01%             | 2032-04-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $-748.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TREVA Equipment Finance                                 | TREVA Equipment Finance SA - Compartment 2024-1                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      117393 | PA      | $132870.29    | 0.00%             | 2035-01-20      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                   | Muangthai Capital PCL                                                            | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     4500000 | PA      | $4421250.00   | 0.05%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                          | Constellium SE                                                                   | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |      604000 | PA      | $555041.39    | 0.01%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     7219000 | PA      | $4752474.60   | 0.05%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: —       |
| NuStar Logistics LP                                     | NuStar Logistics LP                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     2255000 | PA      | $2247552.19   | 0.03%             | 2027-04-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                       | Chile Government International Bond                                              | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      952000 | PA      | $1096807.74   | 0.01%             | 2032-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Clo XL Ltd                                                                | CUSIP: 03769RAN5<br>LEI: 549300CRPUKFOJKGAT02 | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $1998750.20   | 0.02%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3954000 | PA      | $3925572.84   | 0.05%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XIV Ltd                                                         | CUSIP: 83013NAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3735000 | PA      | $3687565.13   | 0.04%             | 2038-01-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORG                                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3173000 | PA      | $3419750.43   | 0.04%             | 2028-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     1478000 | PA      | $1965281.95   | 0.02%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132169.40    | 0.00%             | 2056-09-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      246000 | PA      | $238169.58    | 0.00%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                           | CAFL 2024-RTL1 Issuer LLC                                                        | CUSIP: 12770DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $3040119.90   | 0.03%             | 2031-11-28      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      250000 | PA      | $248242.50    | 0.00%             | 2054-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                | BX 2024-PALM                                                                     | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7753846 | PA      | $7732038.46   | 0.09%             | 2037-06-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EGP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-2984.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD 2024-VICT Mortgage Trust                                                    | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6300000 | PA      | $6292125.00   | 0.07%             | 2041-07-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 6.916000 23-SEP-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    44366544 | OU      | $1670.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                            | SM Energy Co                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      425000 | PA      | $396792.46    | 0.00%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2598000 | PA      | $2504823.20   | 0.03%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                         | Amber Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |     8000000 | PA      | $9447973.27   | 0.11%             | 2029-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                             | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2624000 | PA      | $2458657.56   | 0.03%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     7662000 | PA      | $8964881.87   | 0.10%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital Clo 3 Ltd                                                       | CUSIP: 25255JAL1<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2998170.60   | 0.03%             | 2038-01-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | RAD CLO 28 Ltd                                                                   | CUSIP: 75009UAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $739076.48    | 0.01%             | 2038-04-20      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                               | BMP 2024-MF23                                                                    | CUSIP: 05593JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6555000 | PA      | $6550903.13   | 0.08%             | 2041-06-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      904000 | PA      | $911096.40    | 0.01%             | 2026-01-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KBC GROUP NV                                            | KBC Group NV                                                                     | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |     2200000 | PA      | $2716874.60   | 0.03%             | 2028-09-05      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $114591.71    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM17 Trust                                                             | CUSIP: 673911AC7<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |     8986965 | PA      | $9021870.83   | 0.10%             | 2064-11-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     1525000 | PA      | $1489255.98   | 0.02%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |      561000 | PA      | $571940.62    | 0.01%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1407245 | PA      | $1362799.80   | 0.02%             | 2053-01-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| RUBIX GROUP MIDCO 3 LIMITED                             | Rubix Group Midco 3 Limited 2024 EUR Term Loan                                   | CUSIP: 000000000<br>LEI: 213800ENCGCXQFBAPG24 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2255799.91   | 0.03%             | 2028-09-30      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| MA'ADEN SUKUK LTD                                       | Ma'aden Sukuk Ltd                                                                | CUSIP: 55407NAA0<br>LEI: 254900QDNU6I6VA8UL14 | Long             | DBT              | CORP              | KY        |      481000 | PA      | $487613.75    | 0.01%             | 2030-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAK1<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $197500.00    | 0.00%             | 2026-01-08      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                | Liberty Mutual Group Inc                                                         | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |      410000 | PA      | $255423.50    | 0.00%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                           | UniCredit SpA                                                                    | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     1815000 | PA      | $1766475.98   | 0.02%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2780882 | PA      | $2798287.25   | 0.03%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |           1 | NC      | $42598.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     3738000 | PA      | $3839314.75   | 0.04%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $38547.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boluda Towage SL                                        | Boluda Towage SL 2024 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |     1000000 | PA      | $1127503.46   | 0.01%             | 2030-01-31      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM14 Trust                                                             | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |     3481953 | PA      | $3458756.82   | 0.04%             | 2064-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                    | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1939000 | PA      | $1990437.79   | 0.02%             | 2032-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2015-1                                       | CUSIP: 64829CAA6<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |       36897 | PA      | $35413.63     | 0.00%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                         | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     2438000 | PA      | $2466819.18   | 0.03%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| PGA National Resort Commercial Mortgage Trust           | PGA Trust 2024-RSR2                                                              | CUSIP: 69381CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6760000 | PA      | $6732528.04   | 0.08%             | 2039-06-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| MA'ADEN SUKUK LTD                                       | Ma'aden Sukuk Ltd                                                                | CUSIP: 55407NAB8<br>LEI: 254900QDNU6I6VA8UL14 | Long             | DBT              | CORP              | KY        |      387000 | PA      | $392563.13    | 0.00%             | 2035-02-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MYR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-18289.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GAMMA Sociedade de Titularizacao de Creditos            | GAMMA Sociedade de Titularizacao de Creditos                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |      900000 | PA      | $1020684.94   | 0.01%             | 2034-02-25      | Floating      | 3.42%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                                | Southwick Park CLO LLC                                                           | CUSIP: 846031AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      956336 | PA      | $955749.26    | 0.01%             | 2032-07-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                      | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |     2237000 | PA      | $2333548.92   | 0.03%             | 2028-06-09      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |     1959000 | PA      | $1833953.41   | 0.02%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES L CLO Ltd                                                                   | CUSIP: 04018LAJ4<br>LEI: 549300S7Y78W7UJHZZ39 | Long             | ABS-CBDO         | CORP              | KY        |      113563 | PA      | $113562.62    | 0.00%             | 2032-01-15      | Floating      | 5.57%                 | 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        |     3000000 | PA      | $3390836.83   | 0.04%             | 2029-11-29      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-417793.09   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     6466000 | PA      | $7469306.81   | 0.09%             | 2032-07-22      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      331074 | PA      | $212549.51    | 0.00%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                                 | CUSIP: 21987DAH7<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |      285000 | PA      | $285701.17    | 0.00%             | 2030-05-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HFPP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    23820335 | PA      | $23555938.53  | 0.27%             | 2054-10-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Clo Lii                                                                   | CUSIP: 03771NAA8<br>LEI: 254900XJH54T9O9TH452 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1974399.80   | 0.02%             | 2038-04-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2019-A                                          | CUSIP: 78449TAC5<br>LEI: 549300WEYOS38NWU8D22 | Long             | ABS-O            | CORP              | US        |      810395 | PA      | $809497.97    | 0.01%             | 2036-07-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 7.936250 19-MAR-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   124224106 | OU      | $-131229.49   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DANAOS CORP                                             | Danaos Corp                                                                      | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     3899000 | PA      | $3949421.87   | 0.05%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2025-NQM1                                                                   | CUSIP: 26846CAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3387755 | PA      | $3437988.97   | 0.04%             | 2070-01-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    10146000 | PA      | $10044083.43  | 0.12%             | 2029-12-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM1 Trust                                                              | CUSIP: 67114BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1518973 | PA      | $1295509.22   | 0.01%             | 2066-02-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 2019-2 Ltd                                                         | CUSIP: 05875MAX0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1420000 | PA      | $1418336.19   | 0.02%             | 2036-02-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $1716.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     2960000 | PA      | $2882819.24   | 0.03%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      799000 | PA      | $773032.50    | 0.01%             | 2034-11-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: INR 6.440500 18-SEP-2034 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  1600000000 | OU      | $951067.91    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2921917 | PA      | $2896350.06   | 0.03%             | 2039-12-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AL1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |       65000 | PA      | $58943.30     | 0.00%             | 2030-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 2 LTD                                                         | CUSIP: 67707EBJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $494744.05    | 0.01%             | 2038-01-21      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-11                                                 | CUSIP: 03463QAA4<br>LEI: 2549009VFCBSE99NTJ29 | Long             | ABS-MBS          | CORP              | US        |     3274942 | PA      | $3287288.80   | 0.04%             | 2069-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM3 Trust                                                              | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8921960 | PA      | $8931743.06   | 0.10%             | 2063-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      950000 | PA      | $969377.12    | 0.01%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-NPL5 LLC                                                               | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-O            | CORP              | US        |     4820246 | PA      | $4798792.01   | 0.06%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                                  | India Cleantech Energy                                                           | CUSIP: 000000000<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |     3555000 | PA      | $3443906.25   | 0.04%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JSC KASPI.KZ                                            | JSC Kaspi.kz                                                                     | CUSIP: 466281AA0<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |      505000 | PA      | $493258.75    | 0.01%             | 2030-03-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                                       | Chile Government International Bond                                              | CUSIP: 168863CA4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      200000 | PA      | $198000.00    | 0.00%             | 2026-01-21      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     2442000 | PA      | $2161212.25   | 0.02%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Corp.                       | Mavis Tire Express Services Corp 2025 Repriced Term Loan                         | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-05-04      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XIV Ltd                                                             | CUSIP: 89641QAN0<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |     2405000 | PA      | $2404759.50   | 0.03%             | 2034-01-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      100000 | PA      | $114140.13    | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                    | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UAW9<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250206.70    | 0.00%             | 2037-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| EverBank Mortgage Loan Trust                            | EverBank Mortgage Loan Trust                                                     | CUSIP: 29977JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      152791 | PA      | $139155.08    | 0.00%             | 2043-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      252000 | PA      | $240060.88    | 0.00%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2023-1                                          | CUSIP: 68269JAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      595000 | PA      | $622786.80    | 0.01%             | 2038-06-14      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     1388000 | PA      | $1195415.00   | 0.01%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |      118000 | PA      | $156067.29    | 0.00%             | 2031-08-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                        | CUSIP: 401494AX7<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      500000 | PA      | $524500.00    | 0.01%             | 2032-10-04      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 15 Ltd                                         | CUSIP: 38139BAS8<br>LEI: 549300JGUKVX0EDNOJ93 | Long             | ABS-CBDO         | CORP              | JE        |      340000 | PA      | $341224.03    | 0.00%             | 2036-10-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2022-MHIL                                                                    | CUSIP: 55293DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2635813 | PA      | $2619339.12   | 0.03%             | 2039-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                          | Brink's Co/The                                                                   | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     1513000 | PA      | $1548685.62   | 0.02%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| FEDERAL REP OF ETHIOPIA                                 | Ethiopia International Bond                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |      628000 | PA      | $527520.00    | 0.01%             | 2024-12-11      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2025-II Ltd                                                         | CUSIP: 17181DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3690000 | PA      | $3666015.00   | 0.04%             | 2038-04-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-796.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                | South Bow Canadian Infrastructure Holdings Ltd                                   | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     1528000 | PA      | $1501902.98   | 0.02%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Italian Stella Loans Srl                                | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |      321523 | PA      | $364607.51    | 0.00%             | 2036-12-29      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |           1 | NC      | $4763.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2023-CRE8 LLC                                                              | CUSIP: 04002BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |      256351 | PA      | $255981.50    | 0.00%             | 2041-08-17      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      216000 | PA      | $245209.57    | 0.00%             | 2028-07-31      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      853000 | PA      | $886599.96    | 0.01%             | 2027-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | Arsenal AIC Parent LLC 2025 Term Loan B                                          | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2030-08-19      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 15 Ltd                                                             | CUSIP: 05875TAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249858.08    | 0.00%             | 2038-01-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 44 Ltd                                                              | CUSIP: 871973AA1<br>LEI: 213800MRCL5WD4V7W689 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999896.10    | 0.01%             | 2037-07-14      | Floating      | 10.39%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                  | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     7547000 | PA      | $6924490.23   | 0.08%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: OIS 9.810000 10-MAY-2025 IBR                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  7939132646 | OU      | $6282.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                 | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     6942000 | PA      | $7790442.29   | 0.09%             | 2030-01-16      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLII Ltd                                                    | CUSIP: 55822RAA8<br>LEI: 549300YWZ8HFDYP0MR16 | Long             | ABS-CBDO         | CORP              | KY        |      801536 | PA      | $799843.85    | 0.01%             | 2030-11-21      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     6200000 | PA      | $7076350.73   | 0.08%             | 2054-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BTYT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     9887413 | PA      | $9907858.55   | 0.11%             | 2054-12-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2019-NQM3 Trust                                                             | CUSIP: 36167VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      740028 | PA      | $720326.58    | 0.01%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                    | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |     6700000 | PA      | $7208088.78   | 0.08%             | 2026-10-02      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                                | Engie SA                                                                         | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |     1400000 | PA      | $1623505.74   | 0.02%             | 2033-03-14      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      843000 | PA      | $734458.52    | 0.01%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2018-2 Ltd                                                    | CUSIP: 77342KAA8<br>LEI: 5493001SZ764RMCNU069 | Long             | ABS-CBDO         | CORP              | KY        |      137175 | PA      | $137175.00    | 0.00%             | 2031-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                        | Lamar Media Corp                                                                 | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      698000 | PA      | $665789.05    | 0.01%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | AU        |           1 | NC      | $3.33         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2019-B                                          | CUSIP: 83192CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      189348 | PA      | $184819.52    | 0.00%             | 2037-06-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |           1 | NC      | $-1424.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001335.00   | 0.01%             | 2031-04-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-VINO                                           | CUSIP: 05608KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1087191 | PA      | $1083114.18   | 0.01%             | 2038-05-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                          | Diamond II Ltd                                                                   | CUSIP: 25276VAA3<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |      235000 | PA      | $234412.50    | 0.00%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2023-3 Ltd                                                     | CUSIP: 87122FAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1003400.30   | 0.01%             | 2037-04-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2025-INV2                                                                   | CUSIP: 281914AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8965630 | PA      | $8965463.24   | 0.10%             | 2070-05-26      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2022-STAR                                                              | CUSIP: 055980AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2998946.40   | 0.03%             | 2039-08-15      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                | OZLM VI Ltd                                                                      | CUSIP: 67108LBK8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1036675 | PA      | $1035638.78   | 0.01%             | 2031-04-17      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2222722 | PA      | $2238717.15   | 0.03%             | 2055-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| UNIT4 NV                                                | UNIT4 NV 2021 EUR Term Loan B                                                    | CUSIP: 000000000<br>LEI: 259400UFTFGBNQWX0O86 | Long             | LON              | CORP              | NL        |     2500000 | PA      | $2815614.98   | 0.03%             | 2028-06-29      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-3.32        | -0.00%            |  |  |  | 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        |     1980000 | PA      | $2201816.87   | 0.03%             | 2027-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| ASG FINANCE DESIGNATED                                  | ASG Finance Designated Activity Co                                               | CUSIP: 00217AAB2<br>LEI: 5493005UOB0OMEJ4WK10 | Long             | DBT              | CORP              | IE        |      348000 | PA      | $327120.00    | 0.00%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: CLP 5.200000 20-NOV-2025 CLI                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  2578631687 | OU      | $-7553.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                                     | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |      576000 | PA      | $365532.97    | 0.00%             | 2033-03-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                | Spain Government Bond                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    16842000 | PA      | $19659388.77  | 0.23%             | 2034-10-31      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       89312 | PA      | $101832.39    | 0.00%             | 2036-12-29      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                     | 522 Funding CLO 2018-3A Ltd                                                      | CUSIP: 33835NAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250214.13    | 0.00%             | 2031-10-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2021-8 LTD                                                        | CUSIP: 143120AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1993400.60   | 0.02%             | 2034-10-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                                | SCIL IV LLC / SCIL USA Holdings LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2852000 | PA      | $3377895.14   | 0.04%             | 2028-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 19 Ltd                                                                        | CUSIP: 74983AAJ2<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-CBDO         | CORP              | KY        |     1630000 | PA      | $1615701.97   | 0.02%             | 2040-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM11 Trust                                                             | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |     1582004 | PA      | $1590641.66   | 0.02%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1651669 | PA      | $1634116.04   | 0.02%             | 2037-02-15      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2024-25 Ltd                                                  | CUSIP: 117913AE3<br>LEI: 391200WG98O5N39H7C57 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1480514.55   | 0.02%             | 2038-01-18      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers NBLA CLO 52 Ltd                                   | CUSIP: 64135FAS9<br>LEI: 5493008RV69QDGFCMY47 | Long             | ABS-CBDO         | CORP              | JE        |     3000000 | PA      | $2968362.90   | 0.03%             | 2038-10-24      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Median B V                                              | Median B V 2021 EUR Term Loan B1                                                 | CUSIP: 000000000<br>LEI: 724500RPUQI0L3Z5NX16 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2245876.14   | 0.03%             | 2027-10-14      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT Loan Trust 2024-INV1                                                        | CUSIP: 62956XAA9<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |     7574125 | PA      | $7598751.03   | 0.09%             | 2069-06-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2021-5                                                  | CUSIP: 03465HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1488702 | PA      | $1285684.85   | 0.01%             | 2066-07-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                       | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |     5804373 | PA      | $5717946.19   | 0.07%             | 2031-01-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2261000 | PA      | $2615186.94   | 0.03%             | 2029-03-31      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690AAS6<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $250000.00    | 0.00%             | 2037-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2019-B                                          | CUSIP: 83192CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     9155000 | PA      | $8761956.62   | 0.10%             | 2043-06-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     2436000 | PA      | $2337113.41   | 0.03%             | 2027-09-17      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust Series 2024-2                                  | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1436706 | PA      | $1450148.14   | 0.02%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     2350000 | PA      | $2664136.78   | 0.03%             | 2030-03-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                            | SM Energy Co                                                                     | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1301000 | PA      | $1247054.82   | 0.01%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| LOXAM SAS                                               | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |      900000 | PA      | $1053975.80   | 0.01%             | 2028-05-15      | Fixed         | 6.38%                 | 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        |     4763000 | PA      | $5489265.28   | 0.06%             | 2032-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2025-CRM1                                              | CUSIP: 891946AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5823614 | PA      | $5872652.84   | 0.07%             | 2065-01-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bavarian Sky SA                                         | Bavarian Sky UK 6 PLC                                                            | CUSIP: 000000000<br>LEI: 21380063HOVS4EGBR872 | Long             | ABS-O            | CORP              | GB        |      872000 | PA      | $1160321.90   | 0.01%             | 2032-06-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                  | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |      200000 | PA      | $185222.00    | 0.00%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     1096000 | PA      | $1104092.86   | 0.01%             | 2028-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2023-A                                                     | CUSIP: 00218GAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2288000 | PA      | $2330968.64   | 0.03%             | 2032-02-17      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     1541000 | PA      | $1423538.35   | 0.02%             | 2033-04-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| BLP Commercial Mortgage Trust                           | BLP Commercial Mortgage Trust 2024-IND2                                          | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4753625 | PA      | $4741741.09   | 0.05%             | 2041-03-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $108368.79    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                    | Kraft Heinz Foods Co                                                             | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |      287000 | PA      | $245369.67    | 0.00%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      308000 | PA      | $51898.00     | 0.00%             | 2022-10-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 8 Ltd                                                            | CUSIP: 826937AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3300000 | PA      | $3300000.00   | 0.04%             | 2037-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-MFP                                                             | CUSIP: 78472UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5564875 | PA      | $5540528.20   | 0.06%             | 2038-11-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| AL RAJHI SUKUK LTD                                      | Al Rajhi Sukuk Ltd                                                               | CUSIP: 000000000<br>LEI: 549300FHETHK3XGY8N60 | Long             | DBT              | CORP              | KY        |      684000 | PA      | $689557.50    | 0.01%             | 2030-07-21      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     1785000 | PA      | $1793327.03   | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Trinitas CLO Ltd                                        | Trinitas CLO XXV Ltd                                                             | CUSIP: 89640BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |      550000 | PA      | $551338.15    | 0.01%             | 2037-01-23      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX 2021-MFM1                                                                     | CUSIP: 05608VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2642212 | PA      | $2637258.13   | 0.03%             | 2034-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $1333.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Belden Inc                                              | Belden Inc                                                                       | CUSIP: 000000000<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | DBT              | CORP              | US        |      100000 | PA      | $112624.83    | 0.00%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2014-3                                              | CUSIP: 97652RAC1<br>LEI: 549300JBTXISBC85OS04 | Long             | ABS-MBS          | CORP              | US        |      312966 | PA      | $290095.35    | 0.00%             | 2044-11-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      894318 | PA      | $892920.96    | 0.01%             | 2037-02-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     1507000 | PA      | $1472321.07   | 0.02%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-5                                                | CUSIP: 924921AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2689277 | PA      | $2452108.37   | 0.03%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-1                                                  | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1589243 | PA      | $1467730.61   | 0.02%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2020-2 Mortgage Loan Trust                                                  | CUSIP: 19688JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1463625.90   | 0.02%             | 2065-03-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-LC19 Mortgage Trust                                                    | CUSIP: 200474BE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        2728 | PA      | $2723.81      | 0.00%             | 2048-02-10      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran Cavu 2021-2 Ltd                                                         | CUSIP: 89624UAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1485428.10   | 0.02%             | 2034-10-25      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     1701000 | PA      | $1730603.91   | 0.02%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| INEOS FINANCE PLC                                       | Ineos Finance PLC 2024 EUR 1st Lien Term Loan B                                  | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | LON              | CORP              | GB        |     1000000 | PA      | $1061843.44   | 0.01%             | 2031-06-23      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                                  | Trident Energy Finance PLC                                                       | CUSIP: 000000000<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |      757000 | PA      | $716545.92    | 0.01%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1641000 | PA      | $1933944.29   | 0.02%             | 2027-02-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      360000 | PA      | $394433.17    | 0.00%             | 2028-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                                   | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |     5000000 | PA      | $5643719.65   | 0.06%             | 2030-07-18      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | AU        |           1 | NC      | $17.58        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2019-NQM5                                    | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      104703 | PA      | $99321.25     | 0.00%             | 2059-11-25      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                           | Open Text Holdings Inc                                                           | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2034000 | PA      | $1819021.66   | 0.02%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BU3N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     6023562 | PA      | $6013597.66   | 0.07%             | 2053-07-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy Xxviii Clo Ltd                                                            | CUSIP: 36321JAC8<br>LEI: 549300QR0537E9AXFW42 | Long             | ABS-CBDO         | CORP              | KY        |      457118 | PA      | $457122.32    | 0.01%             | 2031-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6218000 | PA      | $6199936.71   | 0.07%             | 2040-04-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      955000 | PA      | $922577.75    | 0.01%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                | Italian Stella Loans Srl                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |      100000 | PA      | $113402.75    | 0.00%             | 2039-05-27      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-9                                                  | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |     7326729 | PA      | $7286352.96   | 0.08%             | 2069-09-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM5 Trust                                                              | CUSIP: 67448NAA6<br>LEI: 254900RDM4XSF0B1E373 | Long             | ABS-MBS          | CORP              | US        |     1359340 | PA      | $1366323.57   | 0.02%             | 2064-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                             | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132670.36    | 0.00%             | 2060-04-28      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ELSAN SAS                                               | Elsan SAS 2025 EUR Term Loan B                                                   | CUSIP: 000000000<br>LEI: 969500KPGB0PD8HGDD09 | Long             | LON              | CORP              | FR        |     3000000 | PA      | $3361099.50   | 0.04%             | 2031-06-16      | Floating      | 6.16%                 | No            |                  2 | 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        |     1832000 | PA      | $1819927.12   | 0.02%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $4494.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PCF GMBH                                                | PCF GmbH                                                                         | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |     3487030 | PA      | $3046834.08   | 0.04%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AR4<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      850000 | PA      | $867238.00    | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Exmoor Funding PLC                                      | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |      157000 | PA      | $210801.81    | 0.00%             | 2094-03-25      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM4 Trust                                                             | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11958531 | PA      | $11981883.49  | 0.14%             | 2069-12-26      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137HAD60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4245400 | PA      | $88397.29     | 0.00%             | 2033-06-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                     | LCM 29 Ltd                                                                       | CUSIP: 50201MAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1420000 | PA      | $1418580.00   | 0.02%             | 2031-04-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| NOBIAN FINANCE B                                        | Nobian Finance BV                                                                | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | DBT              | CORP              | NL        |     2239000 | PA      | $2531506.22   | 0.03%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $269.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     5081000 | PA      | $4357039.81   | 0.05%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2025-I Ltd                                                          | CUSIP: 12572VAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2460506.25   | 0.03%             | 2038-04-23      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     1132000 | PA      | $1022098.42   | 0.01%             | 2081-11-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1851000 | PA      | $1880469.77   | 0.02%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $27536.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      200000 | PA      | $189200.00    | 0.00%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                       | Trinidad & Tobago Government International Bond                                  | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      266000 | PA      | $252434.00    | 0.00%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BU2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    24789435 | PA      | $24700606.59  | 0.28%             | 2055-03-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-C                                          | CUSIP: 78449CAA6<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |      875176 | PA      | $867152.29    | 0.01%             | 2050-05-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $-26.47       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                   | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     1017000 | PA      | $982003.94    | 0.01%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: —       |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     1055000 | PA      | $1041344.92   | 0.01%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      297000 | PA      | $272126.25    | 0.00%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      609000 | PA      | $610181.61    | 0.01%             | 2033-11-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |      847037 | PA      | $794478.35    | 0.01%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding VII Clo Ltd                                                        | CUSIP: 15032FAL0<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |     4545542 | PA      | $4532397.32   | 0.05%             | 2031-01-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2014-II-R Ltd                                                       | CUSIP: 12548RAH7<br>LEI: 549300O8WGQU5B6HEB94 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2999167.80   | 0.03%             | 2037-10-24      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                 | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     3300000 | PA      | $3883418.27   | 0.04%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BINOM Securitization Trust                              | BINOM Securitization Trust 2021-INV1                                             | CUSIP: 05552UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1460195 | PA      | $1316617.74   | 0.02%             | 2056-06-25      | Variable      | 2.03%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-92955.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXXVIII Ltd                                          | CUSIP: 08183FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $3992000.00   | 0.05%             | 2038-01-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      600000 | PA      | $518268.00    | 0.01%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| TRANSURBAN FINANCE CO                                   | Transurban Finance Co Pty Ltd                                                    | CUSIP: 000000000<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |     2380000 | PA      | $2772062.93   | 0.03%             | 2035-04-17      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                  | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1722500.00   | 0.02%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                   | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     3818000 | PA      | $2174583.52   | 0.02%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                                  | Spain Government Bonds                                                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    82644000 | PA      | $93819906.68  | 1.08%             | 2035-04-30      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-LC19 Mortgage Trust                                                    | CUSIP: 200474BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      205000 | PA      | $201802.51    | 0.00%             | 2048-02-10      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     1038000 | PA      | $976474.52    | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd                                    | TCI-Flatiron CLO 2016-1 Ltd                                                      | CUSIP: 87230ABC9<br>LEI: 549300EEOTVLW827QY91 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250537.35    | 0.00%             | 2032-01-17      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38384PC32<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3801405 | PA      | $3792452.89   | 0.04%             | 2054-06-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                    | HalseyPoint CLO 4 Ltd                                                            | CUSIP: 40637LAA8<br>LEI: 549300CMJUK1VCINNF57 | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $898991.73    | 0.01%             | 2034-04-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                                    | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     1200000 | PA      | $1393841.14   | 0.02%             | 2028-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-RN2 LLC                                                                | CUSIP: 69391YAA5<br>LEI: 254900D7MDAANUUXWQ05 | Long             | ABS-O            | CORP              | US        |     1428707 | PA      | $1437083.23   | 0.02%             | 2054-04-25      | Variable      | 7.12%                 | 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        |     5049000 | PA      | $5068853.29   | 0.06%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                          | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      609000 | PA      | $432140.31    | 0.00%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1400000 | PA      | $1590003.27   | 0.02%             | 2026-09-24      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     3228000 | PA      | $3212814.84   | 0.04%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2025-I Ltd                                                          | CUSIP: 12572VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $986593.60    | 0.01%             | 2038-04-23      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                | OZLM XVIII Ltd                                                                   | CUSIP: 67112GAC2<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $501900.00    | 0.01%             | 2031-04-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1392125.00   | 0.02%             | 2034-03-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                      | Shackleton 2013-IV-R CLO Ltd                                                     | CUSIP: 81882HAA3<br>LEI: 5493000LHXWSIZGUY418 | Long             | ABS-CBDO         | CORP              | KY        |      543229 | PA      | $542806.49    | 0.01%             | 2031-04-13      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                 | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     2551000 | PA      | $2295954.59   | 0.03%             | 2031-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| CONSTELLIUM SE                                          | Constellium SE                                                                   | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |     9921000 | PA      | $11078854.04  | 0.13%             | 2032-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                    | Birch Grove CLO 8 Ltd                                                            | CUSIP: 09077TAG0<br>LEI: 254900WH1INTG23INE62 | Long             | ABS-CBDO         | CORP              | JE        |     2200000 | PA      | $2205930.10   | 0.03%             | 2037-04-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      669000 | PA      | $648926.82    | 0.01%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2024-2                                                  | CUSIP: 46657TAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      995380 | PA      | $999306.84    | 0.01%             | 2054-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED UYU / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |           1 | NC      | $545.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-35480.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LUNE HOLDINGS SARL                                      | Lune Holdings Sarl                                                               | CUSIP: 000000000<br>LEI: 54930003WQ56T0558M33 | Long             | DBT              | CORP              | LU        |     4892000 | PA      | $3831894.59   | 0.04%             | 2028-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |      282434 | PA      | $345343.03    | 0.00%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2021-1                                      | CUSIP: 24380VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1737977 | PA      | $1649794.06   | 0.02%             | 2065-05-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd                                      | Elmwood CLO 15 Ltd                                                               | CUSIP: 29003JAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1250000 | PA      | $1250000.00   | 0.01%             | 2035-04-22      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      400000 | PA      | $410850.00    | 0.00%             | 2030-05-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1195000 | PA      | $1198734.38   | 0.01%             | 2027-01-25      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     3687000 | PA      | $3816244.10   | 0.04%             | 2028-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Polaris                                                 | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |      413000 | PA      | $546469.46    | 0.01%             | 2068-02-26      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      750000 | PA      | $733522.50    | 0.01%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| TMF GROUP HOLDING B V                                   | TMF Group Holding BV 2025 EUR Term Loan B                                        | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2256253.05   | 0.03%             | 2028-05-03      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                              | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     9785000 | PA      | $6270185.73   | 0.07%             | 2050-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                               | TEGNA Inc                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     2806000 | PA      | $2613720.84   | 0.03%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                            | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      400000 | PA      | $406375.00    | 0.00%             | 2028-03-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                      | Tricon Residential 2024-SFR1 Trust                                               | CUSIP: 89616UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1818182 | PA      | $1804336.00   | 0.02%             | 2041-04-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      771000 | PA      | $757268.49    | 0.01%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: CLP 5.025000 20-NOV-2025 CLI                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   546014120 | OU      | $-756.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SHR Trust                                               | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5130000 | PA      | $5109159.38   | 0.06%             | 2041-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     5975000 | PA      | $6830377.73   | 0.08%             | 2029-01-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C4                                            | CUSIP: 90276RBH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      565000 | PA      | $538861.52    | 0.01%             | 2050-10-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |     2712000 | PA      | $3061537.57   | 0.04%             | 2030-10-23      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     3068000 | PA      | $3405851.23   | 0.04%             | 2027-06-23      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $113285.16    | 0.00%             | 2038-05-14      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     1809000 | PA      | $1863602.86   | 0.02%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8242000 | PA      | $8159580.00   | 0.09%             | 2042-03-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2090810.60   | 0.02%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      580000 | PA      | $580906.25    | 0.01%             | 2028-03-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      673000 | PA      | $652562.00    | 0.01%             | 2028-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | Cifc Funding 2023-III Ltd                                                        | CUSIP: 12598YAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2002390.80   | 0.02%             | 2037-01-20      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-453920.32   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                    | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     2582000 | PA      | $2412564.25   | 0.03%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LD CELULOSE INTERNATIONA                                | LD Celulose International GmbH                                                   | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |      320000 | PA      | $327760.00    | 0.00%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2021-1                                                    | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      280000 | PA      | $268312.74    | 0.00%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                          | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1076207.99   | 0.01%             | 2027-10-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 58B Ltd                                               | CUSIP: 38178TAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $998760.90    | 0.01%             | 2035-01-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| PINEWOOD FINCO PLC                                      | Pinewood Finco PLC                                                               | CUSIP: 000000000<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |     1400000 | PA      | $1777309.89   | 0.02%             | 2027-11-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2022-3                                 | CUSIP: 38237TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      176674 | PA      | $161854.87    | 0.00%             | 2049-07-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4390000 | PA      | $4396859.38   | 0.05%             | 2028-03-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| SUNRISE HOLDCO IV BV                                    | Sunrise HoldCo IV BV                                                             | CUSIP: 90320LAG2<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |     2007000 | PA      | $1966765.07   | 0.02%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                         | Yum! Brands Inc                                                                  | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     1309000 | PA      | $1180624.14   | 0.01%             | 2031-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour CLO                              | Fidelity Grand Harbour Clo 2023-2 DAC                                            | CUSIP: 000000000<br>LEI: 635400COQCCT8USC2N26 | Long             | ABS-CBDO         | CORP              | IE        |      200000 | PA      | $227876.71    | 0.00%             | 2038-04-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2021-D                                 | CUSIP: 63942CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      372933 | PA      | $368874.55    | 0.00%             | 2060-04-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1519000 | PA      | $1467426.30   | 0.02%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXII                                                                 | CUSIP: 03768RAU0<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |      555000 | PA      | $547452.00    | 0.01%             | 2033-01-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                        | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      400000 | PA      | $399600.00    | 0.00%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                     | Clydesdale Acquisition Holdings Inc Term Loan B                                  | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     5244136 | PA      | $5204175.74   | 0.06%             | 2029-04-13      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     2498000 | PA      | $2815711.28   | 0.03%             | 2031-02-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      335000 | PA      | $319757.50    | 0.00%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H7 Mortgage Trust                                                     | CUSIP: 22757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6119030 | PA      | $6132846.37   | 0.07%             | 2069-11-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                              | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      400000 | PA      | $289800.00    | 0.00%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Vasco Finance                                           | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |      100000 | PA      | $113367.30    | 0.00%             | 2042-10-27      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2016-3 Ltd                                                      | CUSIP: 09628VAW4<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |     2284372 | PA      | $2279802.85   | 0.03%             | 2030-11-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                               | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      100000 | PA      | $115267.54    | 0.00%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-3                                                  | CUSIP: 03466HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2635404 | PA      | $2627998.32   | 0.03%             | 2068-11-26      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2015-2                                                 | CUSIP: 89171YBD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      100000 | PA      | $99397.41     | 0.00%             | 2057-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BR2U0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4495108 | PA      | $4482104.83   | 0.05%             | 2054-06-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 70 CLO Ltd                                                                | CUSIP: 26252EAA7<br>LEI: 549300S32UW0TE4JM250 | Long             | ABS-CBDO         | CORP              | KY        |      603907 | PA      | $603915.29    | 0.01%             | 2032-01-16      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     2113000 | PA      | $2049229.45   | 0.02%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-32 Ltd                                                              | CUSIP: 67570DAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1200000 | PA      | $1158452.16   | 0.01%             | 2037-04-23      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-76551.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $209232.96    | 0.00%             | 2027-10-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition Sarl                 | AI Sirona (Luxembourg) Acquisition Sarl 2024 EUR Term Loan B                     | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2262597.01   | 0.03%             | 2028-09-30      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $452767.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4050000 | PA      | $4066515.90   | 0.05%             | 2039-11-05      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                           | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $3084878.70   | 0.04%             | 2039-05-10      | Variable      | 10.60%                | No            |                  2 | On Loan: No      |
| HILL FL                                                 | Hill FL 2024-2 BV                                                                | CUSIP: 000000000<br>LEI: 724500H2AN902EY7W191 | Long             | ABS-O            | CORP              | NL        |     1400000 | PA      | $1584563.33   | 0.02%             | 2032-10-18      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     1335000 | PA      | $1468345.89   | 0.02%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC                                 | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |      221000 | PA      | $203927.75    | 0.00%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 18 Ltd                                                                   | CUSIP: 75009AAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250603.48    | 0.00%             | 2036-04-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     3549000 | PA      | $3139388.97   | 0.04%             | 2032-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | SWAP/CDSWAP/SCDS: (TURKEY)                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | GB        |      368000 | OU      | $40754.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                      | Subway Funding LLC                                                               | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1106440 | PA      | $1119036.38   | 0.01%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Education Loan Trust 2010-C                                          | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |     2542421 | PA      | $2669338.08   | 0.03%             | 2041-10-15      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     4050000 | PA      | $4019625.00   | 0.05%             | 2034-11-16      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      363916 | PA      | $217530.79    | 0.00%             | 2035-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |           1 | NC      | $-358.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     1623000 | PA      | $1539904.19   | 0.02%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 8.470000 25-FEB-2026 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   338686018 | OU      | $85019.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Concord Music Royalties, LLC                            | Concord Music Royalties LLC                                                      | CUSIP: 20633KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1013000 | PA      | $997995.24    | 0.01%             | 2074-10-20      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                        | AlixPartners LLP 2021 EUR Term Loan B                                            | CUSIP: 01642PBC9<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |     2979315 | PA      | $3366072.96   | 0.04%             | 2028-02-04      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | OneMain Direct Auto Receivables Trust 2025-1                                     | CUSIP: 682684AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1651000 | PA      | $1672042.49   | 0.02%             | 2037-07-14      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                                 | Gatwick Airport Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |     7292000 | PA      | $9537638.16   | 0.11%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                   | Bath & Body Works Inc                                                            | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      156000 | PA      | $155086.07    | 0.00%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Ireland Auto Receivables DAC                    | Finance Ireland Auto Receivables No 2 DAC                                        | CUSIP: 000000000<br>LEI: 635400CQQYNH7KEIXW17 | Long             | ABS-O            | CORP              | IE        |      276000 | PA      | $312934.69    | 0.00%             | 2034-11-14      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2014-1                                              | CUSIP: 97652PAA9<br>LEI: 5493002CYMIHYUBDIR84 | Long             | ABS-MBS          | CORP              | US        |      393593 | PA      | $379404.53    | 0.00%             | 2044-06-20      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2098798 | PA      | $2081111.98   | 0.02%             | 2053-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2023-H2 Mortgage Trust                                                     | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      685280 | PA      | $694689.63    | 0.01%             | 2068-11-25      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6670000 | PA      | $6632481.25   | 0.08%             | 2036-11-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2025-1                                    | CUSIP: 39571NAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1093000 | PA      | $1097220.95   | 0.01%             | 2060-03-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CA        |           1 | NC      | $776.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OZLM Funding Ltd                                        | OZLM Funding II Ltd                                                              | CUSIP: 67108BCA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2999430.30   | 0.03%             | 2031-07-30      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Cobham Ultra SeniorCo Sarl                              | Cobham Ultra SeniorCo Sarl EUR Term Loan B                                       | CUSIP: 000000000<br>LEI: 254900L6IKLPZKIC4F32 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2240211.89   | 0.03%             | 2029-08-06      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D                                | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |     2765000 | PA      | $2863074.55   | 0.03%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2022-3 LLC                                            | CUSIP: 29374FAB9<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |      636196 | PA      | $635209.18    | 0.01%             | 2029-07-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CO        |           1 | NC      | $196674.31    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BMP Trust                                               | BMP 2024-MF23                                                                    | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2380000 | PA      | $2351638.02   | 0.03%             | 2041-06-15      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                                       | Motion Finco Sarl                                                                | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | DBT              | CORP              | LU        |     3158000 | PA      | $3472973.95   | 0.04%             | 2030-06-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                             | Deuce Finco Plc                                                                  | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |    11049000 | PA      | $14540947.90  | 0.17%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WEPA HYGIENEPRODUKTE GMB                                | WEPA Hygieneprodukte GmbH                                                        | CUSIP: 000000000<br>LEI: 529900KQ44OJDIDU6J81 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1111711.52   | 0.01%             | 2027-12-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     4169000 | PA      | $3916715.88   | 0.05%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| BOEING CO/THE                                           | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |       12300 | NS      | $754974.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-521673.28   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     2800000 | PA      | $2772000.00   | 0.03%             | 2030-04-30      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     2167000 | PA      | $2211369.33   | 0.03%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| OCP CLO Ltd                                             | OCP CLO 2014-5 Ltd                                                               | CUSIP: 67102SAL8<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |      135887 | PA      | $135893.17    | 0.00%             | 2031-04-26      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      626000 | PA      | $606298.72    | 0.01%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                             | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      281000 | PA      | $279859.14    | 0.00%             | 2025-07-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 000000000<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     6490000 | PA      | $7611585.44   | 0.09%             | 2030-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                  | IMA Industria Macchine Automatiche SpA                                           | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |     3500000 | PA      | $3957697.10   | 0.05%             | 2029-04-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                           | Stratton Mortgage Funding 2024-3 PLC                                             | CUSIP: 000000000<br>LEI: 635400HN3D5CAXKQB937 | Long             | ABS-MBS          | CORP              | GB        |      408681 | PA      | $544049.78    | 0.01%             | 2049-06-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                      | Angolan Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      400000 | PA      | $389400.00    | 0.00%             | 2025-11-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |     9567000 | PA      | $11902981.73  | 0.14%             | 2030-05-14      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     2374000 | PA      | $2134028.93   | 0.02%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2024-1 LLC                                                | CUSIP: 81758FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      979203 | PA      | $997631.50    | 0.01%             | 2035-11-20      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-D                                          | CUSIP: 83207QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      453490 | PA      | $448705.02    | 0.01%             | 2053-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                     | BWAY Trust 2025-1535                                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5867000 | PA      | $5998582.14   | 0.07%             | 2042-05-05      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2022-3 Mortgage Loan Trust                                                  | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      143136 | PA      | $138074.95    | 0.00%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $315625.90    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                               | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3434524 | PA      | $3415835.94   | 0.04%             | 2062-04-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAF8<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     2171711 | PA      | $2188496.59   | 0.03%             | 2065-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAA0<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |    10993148 | PA      | $11023529.12  | 0.13%             | 2069-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      348000 | PA      | $302832.03    | 0.00%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1328182 | PA      | $1321807.88   | 0.02%             | 2039-02-15      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXIV Ltd                                                        | CUSIP: 09609NAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $247249.98    | 0.00%             | 2034-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2021-STOR                                                                    | CUSIP: 55293BAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1300000 | PA      | $1291875.00   | 0.01%             | 2038-07-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XIV Ltd                                                         | CUSIP: 83013NAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2700000 | PA      | $2672241.57   | 0.03%             | 2038-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2023-A                                            | CUSIP: 56847FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1395000 | PA      | $1437092.17   | 0.02%             | 2035-10-22      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| Marathon CLO LTD                                        | Marathon CLO XIII Ltd                                                            | CUSIP: 56579ABJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3369795 | PA      | $3361904.06   | 0.04%             | 2032-04-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2092672 | PA      | $2116089.91   | 0.02%             | 2056-03-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                                | Camelot Return Merger Sub Inc                                                    | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1912000 | PA      | $1658108.77   | 0.02%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy 34 Clo Ltd                                                                | CUSIP: 36322AAE2<br>LEI: 3912002JK68FWHXUMG23 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1971971.60   | 0.02%             | 2037-10-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      738000 | PA      | $733630.67    | 0.01%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      332000 | PA      | $274885.77    | 0.00%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-NQM1 Trust                                                             | CUSIP: 69378KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3099902 | PA      | $3101801.08   | 0.04%             | 2067-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| IMCD NV                                                 | IMCD NV                                                                          | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | DBT              | CORP              | NL        |     4090000 | PA      | $4625569.92   | 0.05%             | 2030-04-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2018-2                                                 | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1454810.40   | 0.02%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HHSE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     7882928 | PA      | $7884009.00   | 0.09%             | 2054-04-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                        | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |      561000 | PA      | $743391.02    | 0.01%             | 2067-09-22      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                      | Howard Hughes Corp/The                                                           | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     1089000 | PA      | $965680.86    | 0.01%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BUBBLES HOLDCO SPA                                      | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     4998000 | PA      | $5630845.93   | 0.06%             | 2031-09-30      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| INDOFOOD CBP SUKSES MAKM                                | Indofood CBP Sukses Makmur Tbk PT                                                | CUSIP: 000000000<br>LEI: 254900YKZW9GRKZZN285 | Long             | DBT              | CORP              | ID        |     2048000 | PA      | $1635840.00   | 0.02%             | 2051-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                    | Dynamo Newco II GmbH                                                             | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |     1091000 | PA      | $1243913.33   | 0.01%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2013-3 Ltd                                  | CUSIP: 14310GAN0<br>LEI: 6354006XBJTNRUJOLM20 | Long             | ABS-CBDO         | CORP              | KY        |       32444 | PA      | $32443.72     | 0.00%             | 2030-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO I Ltd                                                                 | CUSIP: 146865AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2141765 | PA      | $2138551.98   | 0.02%             | 2031-07-16      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                              | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     2600000 | PA      | $3475018.52   | 0.04%             | 2032-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                      | Analog Devices Inc                                                               | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      435000 | PA      | $277129.70    | 0.00%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Domivest B.V.                                           | Domi 2025-1 BV                                                                   | CUSIP: 000000000<br>LEI: 72450072GIRER22FKI26 | Long             | ABS-O            | CORP              | NL        |     1652000 | PA      | $1873217.00   | 0.02%             | 2057-04-16      | Floating      | 3.01%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                  | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1709000 | PA      | $1698438.23   | 0.02%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| Birch Grove CLO Ltd.                                    | Birch Grove CLO 7 Ltd                                                            | CUSIP: 09077RAA7<br>LEI: 254900FP4VB7V5ZG0W95 | Long             | ABS-CBDO         | CORP              | JE        |      840000 | PA      | $840501.98    | 0.01%             | 2036-10-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                | Sensata Technologies Inc                                                         | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     1401000 | PA      | $1388000.05   | 0.02%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Sound Point CLO LTD                                     | Sound Point CLO XXXII Ltd                                                        | CUSIP: 83616AAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2994832.20   | 0.03%             | 2034-10-25      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                      | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     3062000 | PA      | $2950197.19   | 0.03%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-54085.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     2694000 | PA      | $2775471.73   | 0.03%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                            | SM Energy Co                                                                     | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1703000 | PA      | $1569950.52   | 0.02%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| ALLISON TRANSMISSION INC                                | Allison Transmission Inc                                                         | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $898387.50    | 0.01%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                      | Angolan Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1644000 | PA      | $1385809.80   | 0.02%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-12039.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                       | Engineered Machinery Holdings Inc 2021 EUR Incremental Term Loan                 | CUSIP: 26658NAL3<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |     1989691 | PA      | $2246696.59   | 0.03%             | 2028-05-21      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | Sofi Professional Loan Program 2018-C Trust                                      | CUSIP: 78490DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       24843 | PA      | $24571.43     | 0.00%             | 2048-01-25      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2006-A                                     | CUSIP: 78443CCL6<br>LEI: 549300I2YWZ9E1B0EY33 | Long             | ABS-O            | CORP              | US        |       79469 | PA      | $77072.59     | 0.00%             | 2039-06-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                         | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     2645000 | PA      | $2607395.24   | 0.03%             | 2028-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                                           | Sona Fios Clo III DAC                                                            | CUSIP: 000000000<br>LEI: 635400CQGC8D7FRXGH67 | Long             | ABS-CBDO         | CORP              | IE        |     1800000 | PA      | $1985768.09   | 0.02%             | 2037-04-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables Securitisation           | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |      381000 | PA      | $508112.39    | 0.01%             | 2031-08-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Polaris                                                 | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |     1838865 | PA      | $2445880.10   | 0.03%             | 2068-02-26      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| RADAR BIDCO SARL                                        | Radar Bidco Sarl 2024 EUR Term Loan                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2235680.49   | 0.03%             | 2031-04-04      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Regatta VI Funding Ltd.                                 | Regatta VI Funding Ltd                                                           | CUSIP: 75887NAW9<br>LEI: 2549001NU08X5ZRD6A39 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2000000.00   | 0.02%             | 2034-04-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Regatta XII Funding Ltd.                                | Regatta XII Funding Ltd                                                          | CUSIP: 75888HAW1<br>LEI: 2549001ZYXDVCT6R4I31 | Long             | ABS-CBDO         | CORP              | KY        |     3540000 | PA      | $3540000.00   | 0.04%             | 2037-10-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Bolivia Government International Bonds                  | Bolivia Government International Bonds                                           | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |      698000 | PA      | $452478.50    | 0.01%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC2 Trust                                                            | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2757762 | PA      | $2396295.68   | 0.03%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| B&M EUROPEAN VALUE RET                                  | B&M European Value Retail SA                                                     | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | DBT              | CORP              | LU        |     4800000 | PA      | $6248905.15   | 0.07%             | 2031-11-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Polaris                                                 | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |      108000 | PA      | $142364.12    | 0.00%             | 2068-02-26      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     3050000 | PA      | $3072660.59   | 0.04%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      374000 | PA      | $348334.25    | 0.00%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                       | MDGH GMTN RSC Ltd                                                                | CUSIP: 55285GAD6<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |      200000 | PA      | $190800.00    | 0.00%             | 2033-11-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        1020 | NC      | $1623400.37   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SCENTRE GROUP TRST 1                                    | Scentre Group Trust 1                                                            | CUSIP: 000000000<br>LEI: 549300SQ859FBKRKSI77 | Long             | DBT              |  | AU        |     1600000 | PA      | $1008943.36   | 0.01%             | 2055-03-31      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                     | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      805000 | PA      | $797207.84    | 0.01%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXVII Ltd                                                  | CUSIP: 55817EBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1503340.05   | 0.02%             | 2037-04-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2025-1                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      317000 | PA      | $423059.28    | 0.00%             | 2033-04-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |           1 | NC      | $-4065.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Jubilee Place                                           | Jubilee Place 7 BV                                                               | CUSIP: 000000000<br>LEI: 724500E73QDBSXZ44959 | Long             | ABS-MBS          | CORP              | NL        |      257000 | PA      | $290037.11    | 0.00%             | 2062-09-18      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      961000 | PA      | $905843.41    | 0.01%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                          | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1489776.00   | 0.02%             | 2041-07-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |           1 | NC      | $519514.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                       | Park Blue Clo 2024-V Ltd                                                         | CUSIP: 70019CAA3<br>LEI: 213800H9UFJ6SS8AMF70 | Long             | ABS-CBDO         | CORP              | KY        |     2725000 | PA      | $2725000.27   | 0.03%             | 2037-07-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2025-6 Ltd                                                     | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $984723.40    | 0.01%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $134313.71    | 0.00%             | 2035-02-17      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      648000 | PA      | $594042.14    | 0.01%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust Series 2024-1                                  | CUSIP: 16160DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1583195 | PA      | $1589440.74   | 0.02%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     5291000 | PA      | $5312136.15   | 0.06%             | 2031-03-22      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-37 Ltd                                                              | CUSIP: 67120AAA9<br>LEI: 213800VGDQYISNVLCT08 | Long             | ABS-CBDO         | CORP              | JE        |     2750000 | PA      | $2743260.58   | 0.03%             | 2037-10-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-6 Mortgage Loan Trust                                                  | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |     5327724 | PA      | $5337459.76   | 0.06%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital CLO 2024-1 Ltd                                                      | CUSIP: 056920AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1001059.70   | 0.01%             | 2037-04-16      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-CBM Mortgage Trust                                                     | CUSIP: 12674GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8550000 | PA      | $8720566.52   | 0.10%             | 2041-12-10      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| INTER MEDIA COMMUNICATIO                                | Inter Media and Communication SpA                                                | CUSIP: 000000000<br>LEI: 81560082CE2ED97AFD36 | Long             | DBT              | CORP              | IT        |     7927957 | PA      | $9070888.49   | 0.10%             | 2027-02-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                         | CSAIL 2015-C4 Commercial Mortgage Trust                                          | CUSIP: 12635RBB3<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |      720000 | PA      | $711898.78    | 0.01%             | 2048-11-15      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     1590000 | PA      | $1586773.33   | 0.02%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      100000 | PA      | $102312.16    | 0.00%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5088224 | PA      | $5114932.07   | 0.06%             | 2069-11-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO VII Ltd.                                    | Elmwood CLO VII Ltd                                                              | CUSIP: 29002QAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000000.00   | 0.01%             | 2037-10-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| SCF Rahoituspalvelut DAC                                | SCF Rahoituspalvelut XIII DAC                                                    | CUSIP: 000000000<br>LEI: 875500BJTX1DZ2QIPK23 | Long             | ABS-O            | CORP              | IE        |      100000 | PA      | $112803.82    | 0.00%             | 2034-06-25      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY PTE LTD                                | CONTINUUM ENERGY PTE LTD                                                         | CUSIP: 211926AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     1715397 | PA      | $1689666.05   | 0.02%             | 2027-09-11      | Variable      | 12.85%                | No            |                  3 | On Loan: —       |
| Credit Suisse Mortgage Trust                            | CSMC Trust 2015-WIN1                                                             | CUSIP: 12649KAP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      139184 | PA      | $129330.34    | 0.00%             | 2044-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XVI Ltd                                                             | CUSIP: 89642DAA6<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |     2750000 | PA      | $2750000.00   | 0.03%             | 2034-07-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                            | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      452000 | PA      | $421530.39    | 0.00%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 66B Ltd                                               | CUSIP: 38179MAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     5000000 | PA      | $5039751.00   | 0.06%             | 2036-04-25      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $308.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                    | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |       61000 | PA      | $57414.63     | 0.00%             | 2030-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| INSURANCE AUSTRALIA GRP                                 | Insurance Australia Group Ltd                                                    | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | DBT              | CORP              | AU        |     1940000 | PA      | $1207748.35   | 0.01%             | 2037-06-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                    | American Tower Corp.                                                             | CUSIP: 000000000<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     5390000 | PA      | $5614342.91   | 0.06%             | 2029-05-21      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAJ0<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     3510000 | PA      | $3534363.26   | 0.04%             | 2038-09-10      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | PA      | $261647.04    | 0.00%             | 2062-04-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO III Ltd                                    | Whitebox CLO III Ltd                                                             | CUSIP: 96467JAE2<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1454973.00   | 0.02%             | 2035-10-15      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                        | Duke Energy Corp                                                                 | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     7273000 | PA      | $8358608.10   | 0.10%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SMRT                                                    | SMRT 2022-MINI                                                                   | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5150000 | PA      | $5124250.00   | 0.06%             | 2039-01-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Milos CLO, LTD                                          | Milos CLO Ltd                                                                    | CUSIP: 60162PAG7<br>LEI: 254900GFWI4EEB8IJS18 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000100.00   | 0.01%             | 2030-10-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                 | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     3431025 | PA      | $3279854.04   | 0.04%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       89312 | PA      | $101473.51    | 0.00%             | 2036-12-29      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |      511000 | PA      | $505315.13    | 0.01%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                             | Hologic Inc                                                                      | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      897000 | PA      | $837657.17    | 0.01%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| HONO Mortgage Trust                                     | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6700000 | PA      | $6616250.00   | 0.08%             | 2036-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      163000 | PA      | $159072.50    | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LG ELECTRONICS INC                                      | LG Electronics Inc                                                               | CUSIP: 50186QAD5<br>LEI: 988400RMQFTGZIOG0609 | Long             | DBT              | CORP              | KR        |      200000 | PA      | $206046.60    | 0.00%             | 2029-04-24      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Pakistan Government International Bonds                 | Pakistan Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1614000 | PA      | $1417092.00   | 0.02%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      366000 | PA      | $365437.64    | 0.00%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| PHOENIX GRP HLD PLC                                     | Phoenix Group Holdings PLC                                                       | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |     1520000 | PA      | $1547981.68   | 0.02%             | 2029-12-12      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XVII LTD                    | Octagon Investment Partners XVII Ltd                                             | CUSIP: 67590GBG3<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |      200294 | PA      | $200421.23    | 0.00%             | 2031-01-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-3 Ltd                                                              | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |     3557613 | PA      | $3550660.36   | 0.04%             | 2031-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Hologic Inc                                             | Hologic Inc                                                                      | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     3043000 | PA      | $2993060.41   | 0.03%             | 2028-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |      500000 | PA      | $662161.69    | 0.01%             | 2031-08-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      254957 | PA      | $249897.32    | 0.00%             | 2062-04-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Red & Black Auto Italy                                  | Red & Black Auto Italy Srl                                                       | CUSIP: 000000000<br>LEI: 8156003B1C9DCDE30892 | Long             | ABS-O            | CORP              | IT        |      100000 | PA      | $113522.50    | 0.00%             | 2036-07-28      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                      | Ally Financial Inc                                                               | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      887000 | PA      | $880810.60    | 0.01%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| SM Energy Co                                            | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1904000 | PA      | $1886578.59   | 0.02%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-1637.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3                         | CUSIP: 61776UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6833714 | PA      | $6793005.41   | 0.08%             | 2069-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2682611 | PA      | $2728527.16   | 0.03%             | 2056-10-16      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                         | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8530000 | PA      | $8460693.75   | 0.10%             | 2039-12-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO IV Ltd                                               | CUSIP: 08180FBU4<br>LEI: 5493002BNZCV0YE1MG83 | Long             | ABS-CBDO         | CORP              | KY        |     1360000 | PA      | $1356140.59   | 0.02%             | 2034-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      278000 | PA      | $46843.00     | 0.00%             | 2027-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                            | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     1761000 | PA      | $1709892.96   | 0.02%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1044431 | PA      | $1060207.99   | 0.01%             | 2059-06-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2005-A                                     | CUSIP: 78443CBV5<br>LEI: 549300ZTEFT8CS12SF95 | Long             | ABS-O            | CORP              | US        |     1355368 | PA      | $1329507.44   | 0.02%             | 2038-12-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     2525000 | PA      | $2616531.25   | 0.03%             | 2030-05-16      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2016-1 Ltd                                                      | CUSIP: 87229WAQ4<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |     1727781 | PA      | $1724344.28   | 0.02%             | 2032-10-13      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     2846000 | PA      | $2883860.34   | 0.03%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2021-W10X                                                                    | CUSIP: 55284DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      100000 | PA      | $98797.07     | 0.00%             | 2034-12-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      899000 | PA      | $896195.12    | 0.01%             | 2025-11-21      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: OIS 13.417500 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |     2102903 | OU      | $-1701.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    16534300 | PA      | $836765.17    | 0.01%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XVI Ltd                                              | CUSIP: 08181VBG9<br>LEI: 2549001UGYKGM9DWMY60 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $245530.23    | 0.00%             | 2038-01-17      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-A                                 | CUSIP: 63941BAC9<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      787669 | PA      | $787481.45    | 0.01%             | 2043-01-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2019-B                                          | CUSIP: 83192CAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      539371 | PA      | $539614.17    | 0.01%             | 2037-06-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| ALPHA SERV & HLDGS                                      | Alpha Services and Holdings SA                                                   | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | DBT              | CORP              | GR        |     3000000 | PA      | $3598896.15   | 0.04%             | 2034-09-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-44354.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Funding                                           | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |      100898 | PA      | $133697.66    | 0.00%             | 2061-09-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Trust 2013-TH1                                                              | CUSIP: 22944PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1195501 | PA      | $1044211.22   | 0.01%             | 2043-02-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      411000 | PA      | $404013.00    | 0.00%             | 2031-05-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    17970000 | PA      | $10431472.15  | 0.12%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HBXV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1781057 | PA      | $1787207.66   | 0.02%             | 2054-03-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PFD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2440000 | PA      | $2446025.34   | 0.03%             | 2028-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      609000 | PA      | $582166.85    | 0.01%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $152927.84    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                                      | PrestigeBidCo GmbH                                                               | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |     1253000 | PA      | $1420715.08   | 0.02%             | 2029-07-01      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Madison Park XLIV                                       | Atrium XV                                                                        | CUSIP: 55820LAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999900.80    | 0.01%             | 2036-07-16      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      392000 | PA      | $382125.79    | 0.00%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners Clo XXXV Ltd                                             | CUSIP: 08182YAG3<br>LEI: 254900U0SNDVHNBLRW07 | Long             | ABS-CBDO         | CORP              | JE        |      375000 | PA      | $373350.04    | 0.00%             | 2037-04-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                          | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4680000 | PA      | $4689100.26   | 0.05%             | 2034-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     7546000 | PA      | $6632008.41   | 0.08%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CEVA SANTE ANIMALE                                      | Ceva Sante Animale 2025 EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |     3000000 | PA      | $3375611.31   | 0.04%             | 2030-11-08      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| CART                                                    | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      690000 | PA      | $679679.33    | 0.01%             | 2041-08-15      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Noria                                                   | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |      100000 | PA      | $114013.13    | 0.00%             | 2043-02-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation                   | AMMC CLO 30 Ltd                                                                  | CUSIP: 03165UAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1007650.00   | 0.01%             | 2037-01-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2018-GW                                                                 | CUSIP: 12433UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1435000 | PA      | $1430397.81   | 0.02%             | 2035-05-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      181000 | PA      | $170332.67    | 0.00%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     1417000 | PA      | $1432283.76   | 0.02%             | 2034-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Madison Park Funding Ltd                                | Madison Park Funding XXXI Ltd                                                    | CUSIP: 55819DBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $995200.10    | 0.01%             | 2037-07-23      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     4697000 | PA      | $4867186.17   | 0.06%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5000000 | PA      | $5076381.00   | 0.06%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                      | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $134269.47    | 0.00%             | 2094-03-25      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |      600000 | PA      | $693284.12    | 0.01%             | 2032-06-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                          | BOCA Commercial Mortgage Trust 2024-BOCA                                         | CUSIP: 096817AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6000000 | PA      | $5988750.00   | 0.07%             | 2041-08-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING I BV                                     | Q-Park Holding I BV                                                              | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |     3303000 | PA      | $3821973.43   | 0.04%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                 | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     5974000 | PA      | $6146015.36   | 0.07%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-31864.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                        | Flatiron CLO 25 Ltd                                                              | CUSIP: 33883YAA6<br>LEI: 254900Z25NHHRUZ9O184 | Long             | ABS-CBDO         | CORP              | KY        |      780000 | PA      | $739548.19    | 0.01%             | 2037-10-17      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| EUROGRID GMBH                                           | Eurogrid GmbH                                                                    | CUSIP: 000000000<br>LEI: 967600Q53854Z2NBCC81 | Long             | DBT              | CORP              | DE        |     4000000 | PA      | $4634210.50   | 0.05%             | 2034-02-01      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2014 Ltd                                                            | CUSIP: 12549JBC4<br>LEI: 54930034H2IEPBE5Q044 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $497699.95    | 0.01%             | 2031-01-18      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-A                                          | CUSIP: 78450FAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      481842 | PA      | $441221.92    | 0.01%             | 2054-11-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1850000 | PA      | $1833516.50   | 0.02%             | 2034-02-21      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1298869.65   | 0.01%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     4258000 | PA      | $4854066.65   | 0.06%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                              | Barings Equipment Finance LLC 2025-A                                             | CUSIP: 06764MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     6409000 | PA      | $6504739.56   | 0.07%             | 2050-06-13      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Sapphire Trust                                          | SAPPHIRE XXXII SERIES 2025-1 TRUST                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |     5880000 | PA      | $3740936.15   | 0.04%             | 2066-06-14      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                              | Mahle GmbH                                                                       | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |     8905000 | PA      | $9891317.15   | 0.11%             | 2031-05-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                  | JW Trust 2024-BERY                                                               | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4360000 | PA      | $4338200.00   | 0.05%             | 2039-11-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 6.796300 05-SEP-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    40191969 | OU      | $4570.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                            | Voya 2012-4 Ltd                                                                  | CUSIP: 92916GBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       57944 | PA      | $57827.82     | 0.00%             | 2030-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-26856.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     1005000 | PA      | $1044698.24   | 0.01%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POWER FINANCE CORP LTD                                  | Power Finance Corp Ltd                                                           | CUSIP: 000000000<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | DBT              | CORP              | IN        |      204000 | PA      | $217237.73    | 0.00%             | 2028-09-21      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XVI Ltd                                                             | CUSIP: 87165VAX7<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |     3124627 | PA      | $3121502.10   | 0.04%             | 2031-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |       91481 | PA      | $85804.60     | 0.00%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| SOMNIGROUP INTL INC                                     | Somnigroup International Inc                                                     | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      153000 | PA      | $142047.83    | 0.00%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-2                                                  | CUSIP: 03464PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      194360 | PA      | $183976.49    | 0.00%             | 2067-01-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| McAfee LLC                                              | McAfee LLC 2024 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |     2619990 | PA      | $2884387.16   | 0.03%             | 2029-03-01      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     4090000 | PA      | $4051676.70   | 0.05%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1507000 | PA      | $1207167.28   | 0.01%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                 | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     5995000 | PA      | $5864893.45   | 0.07%             | 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        |     2040000 | PA      | $2237302.45   | 0.03%             | 2038-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL1 Trust                                                             | CUSIP: 69392FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3817466 | PA      | $3674898.73   | 0.04%             | 2069-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Albea Beauty Holdings SA                                | Albea Beauty Holdings SA 2023 EUR Term Loan B                                    | CUSIP: 000000000<br>LEI: 2221000LVW3T1WSQUG17 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2256253.05   | 0.03%             | 2027-12-31      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| MFRA TRUST                                              | MFA 2021-NQM2 Trust                                                              | CUSIP: 55283WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4187946 | PA      | $3690293.10   | 0.04%             | 2064-11-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                          | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8225000 | PA      | $8429270.34   | 0.10%             | 2041-12-10      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                                 | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |     2576000 | PA      | $2430761.00   | 0.03%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXVII CLO Ltd                                                             | CUSIP: 36320UAE0<br>LEI: 549300GJYHKO4BDEN716 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250875.03    | 0.00%             | 2031-05-16      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                      | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |      530098 | PA      | $707336.38    | 0.01%             | 2094-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2023-V3 Mortgage Trust                                                 | CUSIP: 08163VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2997711 | PA      | $71802.98     | 0.00%             | 2056-07-15      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                       | Ephios Subco 3 Sarl                                                              | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |    10142000 | PA      | $12111634.17  | 0.14%             | 2031-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      286000 | PA      | $282793.20    | 0.00%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-82855.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-NET                                                                    | CUSIP: 126438AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      550000 | PA      | $541313.08    | 0.01%             | 2037-08-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                           | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     3500000 | PA      | $3809335.59   | 0.04%             | 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        |     2906000 | PA      | $2715711.92   | 0.03%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Pony                                                    | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $113476.73    | 0.00%             | 2033-01-14      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 14 Ltd                                      | Elmwood CLO 14 Ltd                                                               | CUSIP: 29003WAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249363.80    | 0.00%             | 2035-04-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     2810000 | PA      | $2675573.67   | 0.03%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1745000 | PA      | $1506573.15   | 0.02%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                   | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     1145000 | PA      | $1165158.87   | 0.01%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                        | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     1662000 | PA      | $1688638.54   | 0.02%             | 2030-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| ZEGONA FINANCE PLC                                      | Zegona Finance PLC                                                               | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     9500000 | PA      | $11370137.38  | 0.13%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $439384.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                                    | Sonic Automotive Inc                                                             | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |      100000 | PA      | $93800.99     | 0.00%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2020-I Ltd                                                          | CUSIP: 12555QAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2745000 | PA      | $2743080.97   | 0.03%             | 2036-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                | Cooperatieve Rabobank UA                                                         | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     1300000 | PA      | $1533757.90   | 0.02%             | 2029-04-25      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-2                                       | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |       88990 | PA      | $87780.13     | 0.00%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| LG ELECTRONICS INC                                      | LG Electronics Inc                                                               | CUSIP: 50186QAC7<br>LEI: 988400RMQFTGZIOG0609 | Long             | DBT              | CORP              | KR        |      707000 | PA      | $719499.76    | 0.01%             | 2027-04-24      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2022-A                                                     | CUSIP: 00217QAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      685000 | PA      | $679639.12    | 0.01%             | 2031-01-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Arizona Biltmore Trust                                  | ARZ Trust 2024-BILT                                                              | CUSIP: 00218TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2430000 | PA      | $2490700.91   | 0.03%             | 2029-06-11      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding XI Clo Ltd                                                         | CUSIP: 15033LAW2<br>LEI: 2549004YLPCISGLL7978 | Long             | ABS-CBDO         | CORP              | KY        |     1836623 | PA      | $1828929.19   | 0.02%             | 2032-05-29      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                  | Orchard Park Clo Ltd                                                             | CUSIP: 68563KAA9<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $968107.60    | 0.01%             | 2037-10-20      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                          | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     5000000 | PA      | $5830917.53   | 0.07%             | 2029-10-09      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Brignole CO                                             | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |      654957 | PA      | $743309.61    | 0.01%             | 2042-02-24      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                                    | WMG Acquisition Corp                                                             | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |      173000 | PA      | $154270.14    | 0.00%             | 2031-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| PRM5 Trust                                              | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3200000 | PA      | $3192772.80   | 0.04%             | 2033-03-10      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2015-IV Ltd                                                         | CUSIP: 12550TAY1<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-CBDO         | CORP              | KY        |     2750000 | PA      | $2750000.00   | 0.03%             | 2034-04-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                          | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     9840000 | PA      | $10158201.98  | 0.12%             | 2041-12-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                       | Park Blue CLO 2025-VII Ltd                                                       | CUSIP: 70019HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2958050.10   | 0.03%             | 2038-04-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                    | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |     6500000 | PA      | $7611900.14   | 0.09%             | 2032-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                               | CUSIP: 127097AN3<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     2378000 | PA      | $2162208.22   | 0.02%             | 2055-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                           | CUSIP: 900123DG2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      800000 | PA      | $876480.00    | 0.01%             | 2033-01-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-NQM1                                    | CUSIP: 64828DAA5<br>LEI: 213800TFYSB4XLW7QW74 | Long             | ABS-MBS          | CORP              | US        |     1827582 | PA      | $1837948.11   | 0.02%             | 2064-03-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                           | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2840000 | PA      | $2877110.85   | 0.03%             | 2039-05-10      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                                     | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 059895AW2<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |      650000 | PA      | $662896.00    | 0.01%             | 2028-09-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-NPL4 LLC                                                               | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |     2225914 | PA      | $2228106.86   | 0.03%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     1143000 | PA      | $1151533.50   | 0.01%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY AURA                                   | Continuum Energy Aura Pte Ltd                                                    | CUSIP: 000000000<br>LEI: 984500AB52D7C8GC2E33 | Long             | DBT              | CORP              | SG        |     4500000 | PA      | $4581585.00   | 0.05%             | 2027-02-24      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-II Ltd                                                         | CUSIP: 17180WAJ4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |     2250000 | PA      | $2250000.00   | 0.03%             | 2037-10-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-2                                                | CUSIP: 92539UAA8<br>LEI: 213800KSJFZ5H8FZ7C61 | Long             | ABS-MBS          | CORP              | US        |      322623 | PA      | $324501.28    | 0.00%             | 2069-02-25      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWP: OIS 7.245000 25-SEP-2026 IBR                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |  1912725939 | OU      | $6808.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     3336000 | PA      | $3527426.35   | 0.04%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BVYM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    25660000 | PA      | $25956660.39  | 0.30%             | 2054-06-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2017-13 Ltd                                                              | CUSIP: 67097LAV8<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2992500.00   | 0.03%             | 2037-11-26      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2024-1                                      | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3860602 | PA      | $3871731.75   | 0.04%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      885000 | PA      | $835684.75    | 0.01%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| Anchorage Capital CLO LTD                               | Anchorage Capital Clo 29 Ltd                                                     | CUSIP: 03332QAA3<br>LEI: 213800XVU2BADRNDSO76 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4000000.00   | 0.05%             | 2037-07-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-220227.90   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARNES GROUP INC                                        | Barnes Group Inc 2025 Term Loan B                                                | CUSIP: 38021CAC2<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | LON              | CORP              | US        |     2000000 | PA      | $1965840.00   | 0.02%             | 2032-01-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares Loan Funding IV Ltd                                                         | CUSIP: 04020FAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1003430.20   | 0.01%             | 2036-10-15      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    10118000 | PA      | $9760126.34   | 0.11%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NIELSEN CONSUMER INC                                    | Nielsen Consumer Inc 2025 EUR Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1995000 | PA      | $2232080.12   | 0.03%             | 2028-03-06      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| BANKINTER SA                                            | Bankinter SA                                                                     | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | DBT              | CORP              | ES        |     2600000 | PA      | $2966161.76   | 0.03%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Arbor Multifamily Mortgage Securities Trust             | Arbor Multifamily Mortgage Securities Trust 2020-MF1                             | CUSIP: 03881BAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      190000 | PA      | $145429.08    | 0.00%             | 2053-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                 | Warwick Capital CLO 1 Ltd                                                        | CUSIP: 936919AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $2006057.80   | 0.02%             | 2036-10-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | RAD CLO 27 Ltd                                                                   | CUSIP: 749972AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999160.50    | 0.01%             | 2038-01-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2019-1                                                   | CUSIP: 33852AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      145935 | PA      | $131397.91    | 0.00%             | 2049-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2023-NQM1 Trust                                                             | CUSIP: 36169BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4188274 | PA      | $3974476.33   | 0.05%             | 2057-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                 | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    11740000 | PA      | $262260.86    | 0.00%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                                    | Sonic Automotive Inc                                                             | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     1615000 | PA      | $1474441.03   | 0.02%             | 2031-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2018-A                                          | CUSIP: 78449PAB5<br>LEI: 549300QHI21JZK7YIR34 | Long             | ABS-O            | CORP              | US        |       28312 | PA      | $27907.33     | 0.00%             | 2036-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2014-2                                       | CUSIP: 64828YAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      158211 | PA      | $150440.30    | 0.00%             | 2054-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      866000 | PA      | $783947.68    | 0.01%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |           1 | NC      | $20664.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2023-A                                            | CUSIP: 56847FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2725000 | PA      | $2816945.59   | 0.03%             | 2035-10-22      | Fixed         | 8.85%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                | Ford Credit Auto Owner Trust/Ford Credit                                         | CUSIP: 34532MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3872000 | PA      | $3913942.67   | 0.04%             | 2037-08-15      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                                | Enel SpA                                                                         | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |     6375000 | PA      | $7196197.53   | 0.08%             | 2030-01-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2021-2                                                  | CUSIP: 03465DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      248908 | PA      | $216193.53    | 0.00%             | 2066-04-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                | Ford Credit Auto Owner Trust 2024-REV1                                           | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1251000 | PA      | $1272885.99   | 0.01%             | 2036-08-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3430000 | PA      | $2978789.02   | 0.03%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2023-A                                          | CUSIP: 78450QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1629783 | PA      | $1641100.03   | 0.02%             | 2053-01-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| POSCO                                                   | POSCO                                                                            | CUSIP: 73730EAD5<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |      200000 | PA      | $205200.00    | 0.00%             | 2028-01-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2020-8R Ltd                                                              | CUSIP: 670898AQ8<br>LEI: 254900K70GBA8CMARX66 | Long             | ABS-CBDO         | CORP              | KY        |     1020000 | PA      | $1017960.00   | 0.01%             | 2036-10-17      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                           | 1988 CLO 5 Ltd                                                                   | CUSIP: 68252PAA4<br>LEI: 254900KAQBAF5XV8IU66 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4004473.20   | 0.05%             | 2037-07-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $194937.50    | 0.00%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                             | VEGAS Trust 2024-TI                                                              | CUSIP: 92254AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4850000 | PA      | $4915644.27   | 0.06%             | 2039-11-10      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      470000 | PA      | $546416.28    | 0.01%             | 2026-09-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                                | ContourGlobal Power Holdings SA                                                  | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |     4601000 | PA      | $5238671.29   | 0.06%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EMPRESA NACIONAL DEL PET                                | Empresa Nacional del Petroleo                                                    | CUSIP: 29245JAP7<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | CORP              | CL        |      400000 | PA      | $403000.00    | 0.00%             | 2034-07-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      327000 | PA      | $315801.83    | 0.00%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |           1 | NC      | $2636325.10   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                     | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5945000 | PA      | $5941210.06   | 0.07%             | 2035-07-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      677000 | PA      | $692234.06    | 0.01%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Element Materials Technology Group US Holdings Inc.     | Element Materials Technology Group US Holdings Inc 2024 EUR Term Loan            | CUSIP: 000000000<br>LEI: 213800Y6N7WCEH6JPT92 | Long             | LON              | CORP              | GB        |     3200000 | PA      | $3605292.22   | 0.04%             | 2029-07-06      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                           | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |      594038 | PA      | $791224.78    | 0.01%             | 2061-09-20      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $24020.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     6670000 | PA      | $7089145.14   | 0.08%             | 2028-11-05      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      659000 | PA      | $592014.75    | 0.01%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-3                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      151000 | PA      | $200435.07    | 0.00%             | 2032-11-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      972000 | PA      | $978502.68    | 0.01%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                               | CUSIP: 437076CK6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     6988000 | PA      | $4233297.28   | 0.05%             | 2051-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-LBA                                                                | CUSIP: 05609BAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      100000 | PA      | $98376.37     | 0.00%             | 2036-02-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2015-C30                                   | CUSIP: 94989NBK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1175250 | PA      | $1167446.69   | 0.01%             | 2058-09-15      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2022-CM1 Trust                                                              | CUSIP: 36168XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      908632 | PA      | $846195.37    | 0.01%             | 2066-12-27      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      260000 | PA      | $259557.40    | 0.00%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman CLO XV                                                          | CUSIP: 64129KBG1<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248802.50    | 0.00%             | 2029-10-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXI Ltd                                              | CUSIP: 08186RAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3000000.00   | 0.03%             | 2034-10-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: CZK 3.560000 18-JUN-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    23138323 | OU      | $14937.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                   | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     2977000 | PA      | $3087837.28   | 0.04%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-3                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |     1047000 | PA      | $1398129.75   | 0.02%             | 2032-11-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2021-2 Ltd                                                    | CUSIP: 77341LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $549075.73    | 0.01%             | 2034-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| GRUPO POSADAS SAB CV                                    | Grupo Posadas SAB de CV                                                          | CUSIP: 000000000<br>LEI: 529900NRFIXN5G8NUX35 | Long             | DBT              | CORP              | MX        |      461897 | PA      | $419485.62    | 0.00%             | 2027-12-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5049312 | PA      | $5091831.05   | 0.06%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXVI CLO Ltd                                                              | CUSIP: 36321LAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      566888 | PA      | $566604.20    | 0.01%             | 2031-11-22      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD RON                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $3479.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38384KUP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2576896 | PA      | $2572322.79   | 0.03%             | 2054-03-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     3642000 | PA      | $3654488.42   | 0.04%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |      100000 | PA      | $97900.10     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                           | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      200000 | PA      | $192750.00    | 0.00%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2024-INV2                                                                   | CUSIP: 26844LAA6<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |     8609833 | PA      | $8546373.69   | 0.10%             | 2069-10-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     2256000 | PA      | $2285806.27   | 0.03%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     1732000 | PA      | $1548963.52   | 0.02%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2019-H7                                           | CUSIP: 61771MAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      895000 | PA      | $836927.48    | 0.01%             | 2052-07-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                | Sri Lanka Government International Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      587446 | PA      | $542799.73    | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAG0<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      251000 | PA      | $246015.91    | 0.00%             | 2027-09-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2215000 | PA      | $2170642.63   | 0.02%             | 2041-10-15      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     3537000 | PA      | $3598190.10   | 0.04%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| OCP CLO Ltd                                             | OCP CLO 2016-12 Ltd                                                              | CUSIP: 67092RBC1<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $4979000.00   | 0.06%             | 2037-10-18      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CARD CO LTD                                     | Hyundai Card Co Ltd                                                              | CUSIP: 000000000<br>LEI: 988400S1WSELQL3GVR75 | Long             | DBT              | CORP              | KR        |      880000 | PA      | $905520.00    | 0.01%             | 2029-04-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                           | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       71272 | PA      | $94727.72     | 0.00%             | 2033-04-21      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd                                    | TCI-Flatiron Clo 2017-1 Ltd                                                      | CUSIP: 87231BAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1252561.25   | 0.01%             | 2030-11-17      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                                    | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |     1721000 | PA      | $1636172.77   | 0.02%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs International                             | PURCHASED RON / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | RO        |           1 | NC      | $-32140.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2018-AUS                                   | CUSIP: 94990EAA2<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |      210000 | PA      | $205358.69    | 0.00%             | 2036-08-17      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                 | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      273000 | PA      | $272372.10    | 0.00%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Onslow Bay Financial LLC                                | OBX 2022-NQM9 Trust                                                              | CUSIP: 67118LAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1399787 | PA      | $1399162.73   | 0.02%             | 2062-09-25      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |           1 | NC      | $9802.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                     | LCM 36 Ltd                                                                       | CUSIP: 50190LAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     9250000 | PA      | $9181832.13   | 0.11%             | 2034-01-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 19 Ltd                                                             | CUSIP: 05874WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1000000.00   | 0.01%             | 2035-04-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Fact SA                                                 | FACT SA/LU                                                                       | CUSIP: 000000000<br>LEI: 529900S1VYMIDC5XAC48 | Long             | ABS-O            | CORP              | LU        |      300000 | PA      | $340337.75    | 0.00%             | 2031-09-22      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                 | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3048000 | PA      | $3102924.96   | 0.04%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Rain Carbon GmbH                                        | Rain Carbon GmbH 2023 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 529900OO18PWCCZRYG63 | Long             | LON              | CORP              | DE        |     1808444 | PA      | $2009013.02   | 0.02%             | 2028-10-31      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      405000 | PA      | $404048.25    | 0.00%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      565000 | PA      | $514627.43    | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| MasOrange Finco Plc                                     | MasOrange Finco Plc 2025 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 549300PONZMYNJTH6970 | Long             | LON              | CORP              | GB        |     3000000 | PA      | $3357497.03   | 0.04%             | 2031-03-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 50 Senior Loan Fund                                                       | CUSIP: 262431AH2<br>LEI: 5493008NBEE3C4AF3K95 | Long             | ABS-CBDO         | CORP              | KY        |     1280993 | PA      | $1279731.67   | 0.01%             | 2030-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-79458.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CENT Trust 2023-CITY                                    | CENT Trust 2023-CITY                                                             | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2860000 | PA      | $2858212.50   | 0.03%             | 2038-09-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7581000 | PA      | $7502755.59   | 0.09%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                     | 522 Funding CLO 2018-3A Ltd                                                      | CUSIP: 33835NAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1172313 | PA      | $1171740.47   | 0.01%             | 2031-10-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     4433000 | PA      | $4161187.95   | 0.05%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ZIGGO BOND CO BV                                        | Ziggo Bond Co BV                                                                 | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     3392000 | PA      | $3639930.26   | 0.04%             | 2032-11-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     3789268 | PA      | $3810577.79   | 0.04%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | Oak Hill Credit Partners X-R Ltd                                                 | CUSIP: 67707CBL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      950000 | PA      | $932718.84    | 0.01%             | 2038-04-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT 2024-RR1 Trust                                                              | CUSIP: 62956VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1772868 | PA      | $1756194.85   | 0.02%             | 2064-05-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2018-C5                                      | CUSIP: 17291DAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      425000 | PA      | $414778.75    | 0.00%             | 2051-06-10      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2022-1                                                    | CUSIP: 52608JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2908000 | PA      | $2906477.95   | 0.03%             | 2032-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TR        |           1 | NC      | $19814.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                          | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      515000 | PA      | $524670.16    | 0.01%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |           1 | NC      | $12103.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                           | NYC Trust 2024-3ELV                                                              | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5000000 | PA      | $5000148.00   | 0.06%             | 2029-08-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1710000 | PA      | $1573290.63   | 0.02%             | 2033-08-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      309000 | PA      | $297591.02    | 0.00%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     2590000 | PA      | $2399430.91   | 0.03%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (ITRAXX.XO.43.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     2610407 | OU      | $-207137.31   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                     | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7080000 | PA      | $7231199.06   | 0.08%             | 2041-07-05      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1262000 | PA      | $1256952.00   | 0.01%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| VOLKSWAGEN INTL FIN NV                                  | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     1600000 | PA      | $1815406.54   | 0.02%             | 2026-03-27      | Floating      | 3.02%                 | No            |                  2 | On Loan: No      |
| ROBLOX CORP                                             | ROBLOX Corp                                                                      | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1111000 | PA      | $1028124.51   | 0.01%             | 2030-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                     | Suzano Austria GmbH                                                              | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |      682000 | PA      | $694190.75    | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                       | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |     4500000 | PA      | $5215911.85   | 0.06%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $-6752.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     7215000 | PA      | $10002889.87  | 0.11%             | 2031-01-31      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXVIII Ltd                                           | CUSIP: 08179KAN3<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $999564.60    | 0.01%             | 2037-10-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XII Ltd.                                    | Elmwood CLO XII Ltd                                                              | CUSIP: 29002YAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000000.00   | 0.01%             | 2037-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| LT Autorahoitus                                         | LT Rahoitus 2025-1 DAC                                                           | CUSIP: 000000000<br>LEI: 635400OFIJ3A8BN2BV40 | Long             | ABS-O            | CORP              | IE        |      200000 | PA      | $226005.72    | 0.00%             | 2036-07-18      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust Series 2024-NQM1                                        | CUSIP: 465983AD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2800000 | PA      | $2807942.48   | 0.03%             | 2064-02-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              |  | US        |     3952000 | PA      | $3856598.72   | 0.04%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-3.65        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4559.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust Series 2024-CES2                                | CUSIP: 92841YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7171042 | PA      | $7135105.07   | 0.08%             | 2054-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2023-A                                                     | CUSIP: 00218GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      218822 | PA      | $219042.19    | 0.00%             | 2032-02-17      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXVII Ltd                                            | CUSIP: 08179PAQ5<br>LEI: 254900WANE6M5S0NC534 | Long             | ABS-CBDO         | CORP              | JE        |     4000000 | PA      | $4000000.00   | 0.05%             | 2037-10-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Henley Funding Ltd.                                     | Henley Clo Xi DAC                                                                | CUSIP: 000000000<br>LEI: 6354004ZEQIYPXESRG76 | Long             | ABS-CBDO         | CORP              | IE        |     2280000 | PA      | $2503017.85   | 0.03%             | 2039-04-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 17 Ltd                                                             | CUSIP: 05876LAA1<br>LEI: 254900J6ILFT5YJVHO91 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249569.15    | 0.00%             | 2034-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 10.975000 01-JUL-2025 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    33989667 | OU      | $-70713.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA                                  | SierraCol Energy Andina LLC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      610000 | PA      | $560590.00    | 0.01%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| BNP Paribas SA                                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-2697.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                              | Mahle GmbH                                                                       | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1019565.46   | 0.01%             | 2028-05-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     1041000 | PA      | $1164332.48   | 0.01%             | 2033-03-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |     1137304 | PA      | $1515989.09   | 0.02%             | 2031-08-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | Seagate HDD Cayman                                                               | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     1510000 | PA      | $1704220.70   | 0.02%             | 2032-12-01      | Fixed         | 9.63%                 | 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        |     2966000 | PA      | $2876732.59   | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     2029000 | PA      | $1936580.67   | 0.02%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                              | Verus Securitization Trust 2025-3                                                | CUSIP: 924928AA2<br>LEI: 213800DYYV3EM7TSTN14 | Long             | ABS-MBS          | CORP              | US        |     9429001 | PA      | $9480637.23   | 0.11%             | 2070-05-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     2367000 | PA      | $2416538.94   | 0.03%             | 2032-05-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $53163.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     3057000 | PA      | $2938046.93   | 0.03%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO III Ltd                                    | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAU0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $738560.10    | 0.01%             | 2035-10-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      297000 | PA      | $298776.06    | 0.00%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      286000 | PA      | $297154.00    | 0.00%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                       | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |      172622 | PA      | $195596.92    | 0.00%             | 2038-07-20      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      288000 | PA      | $265680.00    | 0.00%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     1852000 | PA      | $1752831.59   | 0.02%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 43734LAA4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |     1137000 | PA      | $1131679.86   | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust Series 2024-3                                  | CUSIP: 16159HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3814755 | PA      | $3847639.50   | 0.04%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $6958.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 7.251000 19-MAR-2027 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    52894779 | OU      | $-8272.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                           | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     2604000 | PA      | $2402190.00   | 0.03%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                             | CUSIP: 19424WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      157333 | PA      | $143037.11    | 0.00%             | 2055-07-26      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      265000 | PA      | $263012.50    | 0.00%             | 2036-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                              | Sandstone Peak II Ltd                                                            | CUSIP: 80013TAA1<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000247.50   | 0.01%             | 2036-07-20      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4124000 | PA      | $4190016.99   | 0.05%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXIII Ltd                                                  | CUSIP: 55819JAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      475000 | PA      | $473242.55    | 0.01%             | 2032-10-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                          | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |      171796 | PA      | $228877.11    | 0.00%             | 2031-09-16      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     1007000 | PA      | $1007450.65   | 0.01%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (CDX.EM.43.V1)                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      533795 | OU      | $23046.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-A                                            | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      480000 | PA      | $461630.78    | 0.01%             | 2036-03-20      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1116000 | PA      | $1124024.04   | 0.01%             | 2028-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     1666000 | PA      | $1725608.23   | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     2080000 | PA      | $1862297.63   | 0.02%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2024-A                                                     | CUSIP: 00218KAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      469000 | PA      | $477576.51    | 0.01%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2024-INV4 Trust                                                             | CUSIP: 367919AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6089358 | PA      | $6032269.80   | 0.07%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                  | Energizer Holdings Inc                                                           | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |       54000 | PA      | $52027.32     | 0.00%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                      | VICI Properties LP                                                               | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     2295000 | PA      | $2198518.20   | 0.03%             | 2054-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   224949000 | PA      | $37500112.71  | 0.43%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| KAPLA HOLDING SAS                                       | Kapla Holding SAS                                                                | CUSIP: 000000000<br>LEI: 894500PJ28XTH66K4X83 | Long             | DBT              | CORP              | FR        |     5000000 | PA      | $5661674.19   | 0.07%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2018-15 Ltd                                                              | CUSIP: 67112KAG4<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $989816.60    | 0.01%             | 2038-01-20      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                           | Stratton Mortgage Funding 2024-3 PLC                                             | CUSIP: 000000000<br>LEI: 635400HN3D5CAXKQB937 | Long             | ABS-MBS          | CORP              | GB        |      179000 | PA      | $238260.25    | 0.00%             | 2049-06-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      732000 | PA      | $771194.94    | 0.01%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $4113.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $526.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                  | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3058000 | PA      | $2929567.36   | 0.03%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2025-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |      100000 | PA      | $113398.36    | 0.00%             | 2038-12-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                              | CUSIP: 000000000<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     3000000 | PA      | $3267972.39   | 0.04%             | 2027-02-15      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     5283000 | PA      | $5966655.32   | 0.07%             | 2031-07-31      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      263000 | PA      | $191929.51    | 0.00%             | 2051-06-23      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT                    | French Republic Government Bond OAT                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    41592367 | PA      | $47214902.98  | 0.54%             | 2035-05-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO V-B Ltd                                              | CUSIP: 08181JAH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3340000 | PA      | $3343682.02   | 0.04%             | 2037-07-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                                     | Muthoot Finance Ltd                                                              | CUSIP: 62828M2D2<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     2250000 | PA      | $2172375.00   | 0.02%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NAMIBIA                                     | Republic Of Namibia                                                              | CUSIP: 000000000<br>LEI: 549300T6Y4CWK77SML15 | Long             | DBT              | NUSS              | NA        |      600000 | PA      | $590250.00    | 0.01%             | 2025-10-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     2666000 | PA      | $2643869.37   | 0.03%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  2500000000 | PA      | $197470.46    | 0.00%             | 2027-05-29      | Fixed         | 16.63%                | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11420515 | PA      | $11420515.19  | 0.13%             | 2039-08-15      | Floating      | 6.01%                 | 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        |     4944000 | PA      | $5092072.80   | 0.06%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     2204000 | PA      | $2144694.33   | 0.02%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2020-II Ltd                                                         | CUSIP: 12547LAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $299542.47    | 0.00%             | 2034-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-370883.23   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                | SoFi Personal Loan Trust 2024-1                                                  | CUSIP: 83407RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      699069 | PA      | $703428.01    | 0.01%             | 2031-02-12      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2025-1                                        | CUSIP: 75908AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2797000 | PA      | $2824599.12   | 0.03%             | 2034-04-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-A                                          | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      114466 | PA      | $109717.19    | 0.00%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                     | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     7800000 | PA      | $8632161.17   | 0.10%             | 2028-09-12      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   103052895 | PA      | $4976239.47   | 0.06%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain Fuji US Clo II Ltd                                                  | CUSIP: 09629EAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1195278 | PA      | $1195277.64   | 0.01%             | 2030-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                      | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $965000.00    | 0.01%             | 2036-01-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM3 Trust                                                             | CUSIP: 36167HAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1621307 | PA      | $1403972.17   | 0.02%             | 2066-05-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      610000 | PA      | $544463.73    | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM4                                        | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |     1389108 | PA      | $1364605.83   | 0.02%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| NSW ELECTRICITY NETWORKS                                | NSW Electricity Networks Finance Pty Ltd                                         | CUSIP: 000000000<br>LEI: 5493009VPYKFFK7UXM97 | Long             | SN               | CORP              | AU        |     2110000 | PA      | $1340369.90   | 0.02%             | 2055-03-11      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                      | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      566000 | PA      | $499382.02    | 0.01%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298BX0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     3607000 | PA      | $3993795.06   | 0.05%             | 2029-04-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    10883000 | PA      | $10771093.38  | 0.12%             | 2062-04-20      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 10 Ltd                                                                   | CUSIP: 48662LAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3510000 | PA      | $3508400.84   | 0.04%             | 2034-04-23      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-132700.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      345000 | PA      | $341808.75    | 0.00%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |           1 | NC      | $21172.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VARANASI AURA NH-2 TOLL                                 | Varanasi Aurangabad Nh-2 Tollway Pvt Ltd                                         | CUSIP: 000000000<br>LEI: 335800WU93PC1E28MY29 | Long             | DBT              | CORP              | IN        |      705000 | PA      | $709864.50    | 0.01%             | 2034-02-28      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                         | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      980000 | PA      | $940266.65    | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                      | VICI Properties LP                                                               | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     7297000 | PA      | $6534761.22   | 0.08%             | 2052-05-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                        | TUI Cruises GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |      432760 | PA      | $489764.41    | 0.01%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                              | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      616000 | PA      | $624162.00    | 0.01%             | 2028-01-13      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 10.810000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     1182017 | OU      | $-11946.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mortgage Trust               | TCO Commercial Mortgage Trust 2024-DPM                                           | CUSIP: 87231EAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2500000 | PA      | $2430146.75   | 0.03%             | 2039-12-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2160000 | PA      | $2202672.61   | 0.03%             | 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        |     4116000 | PA      | $4658737.42   | 0.05%             | 2031-05-17      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 9 Ltd                                                         | CUSIP: 67690AAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $989483.50    | 0.01%             | 2037-10-19      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| COOPER CONSUMER HEALTH                                  | Cooper Consumer Health 2024 EUR Term Loan B2                                     | CUSIP: 000000000<br>LEI: 969500PBV3M3GSI8NZ84 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2251540.39   | 0.03%             | 2028-11-06      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2022-1                                                 | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      856071 | PA      | $810341.12    | 0.01%             | 2062-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                        | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249911.05    | 0.00%             | 2037-10-19      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-13                                                 | CUSIP: 03466PAA3<br>LEI: 254900WA697298AD1C53 | Long             | ABS-MBS          | CORP              | US        |     5553308 | PA      | $5551995.74   | 0.06%             | 2069-12-26      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     5611000 | PA      | $5542463.88   | 0.06%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      329000 | PA      | $316239.41    | 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        |      730000 | PA      | $813925.08    | 0.01%             | 2034-05-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| FIBER MIDCO SPA                                         | Fiber Midco Spa                                                                  | CUSIP: 000000000<br>LEI: 8156000AFE5C06C4D309 | Long             | DBT              | CORP              | IT        |      900000 | PA      | $936057.57    | 0.01%             | 2029-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $7478.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                            | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      700000 | PA      | $713300.00    | 0.01%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1793336.50   | 0.02%             | 2029-10-29      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 10 Ltd                                                        | CUSIP: 67707LAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      950000 | PA      | $948267.77    | 0.01%             | 2036-01-18      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                                  | Emirate of Dubai Government International Bonds                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |      426000 | PA      | $300862.50    | 0.00%             | 2050-09-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      100000 | PA      | $133973.07    | 0.00%             | 2032-07-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                         | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     1704000 | PA      | $1691278.69   | 0.02%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $1299.29      | 0.00%             |  |  |  | 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        |     3827000 | PA      | $3884902.51   | 0.04%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| VIASAT INC                                              | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     3580000 | PA      | $3507167.76   | 0.04%             | 2027-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                        | MGM Resorts International                                                        | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     2237000 | PA      | $2218342.30   | 0.03%             | 2026-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAN7<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1058000 | PA      | $1052909.64   | 0.01%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 9 Ltd                                                         | CUSIP: 67690AAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $4997577.50   | 0.06%             | 2037-10-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| PACIFIC NATIONAL FINANCE                                | Pacific National Finance Pty Ltd                                                 | CUSIP: 000000000<br>LEI: 213800SSTRDXLWWVF948 | Long             | DBT              | CORP              | AU        |     4310000 | PA      | $2699012.72   | 0.03%             | 2054-12-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust                                                    | CUSIP: 90278MBF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1200500 | PA      | $1050787.69   | 0.01%             | 2052-10-15      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      620000 | PA      | $691614.07    | 0.01%             | 2032-07-11      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Blueberry Park CLO                                      | Blueberry Park CLO Ltd                                                           | CUSIP: 09609VAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $946813.70    | 0.01%             | 2037-10-20      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-95100.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners 48 LP                                                     | CUSIP: 38177DAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $496552.90    | 0.01%             | 2038-04-17      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      513000 | PA      | $472283.19    | 0.01%             | 2030-07-24      | Fixed         | 9.48%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-A                                          | CUSIP: 78449UAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1150765 | PA      | $1149559.01   | 0.01%             | 2037-09-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables Securitisation           | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |      230000 | PA      | $306547.53    | 0.00%             | 2031-08-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2021-W10X                                                                    | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      130000 | PA      | $129291.46    | 0.00%             | 2034-12-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Trust 2016-NXSR                                                             | CUSIP: 12594PAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $868390.02    | 0.01%             | 2049-12-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | GoldenTree Loan Management US CLO 24 Ltd                                         | CUSIP: 38139VAC9<br>LEI: 254900PS1VHPJR2OTF82 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1982500.00   | 0.02%             | 2038-10-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1915000 | PA      | $1838400.00   | 0.02%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: —       |
| BAYER AG                                                | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     4300000 | PA      | $5126998.21   | 0.06%             | 2083-09-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2015-1 Ltd                                  | CUSIP: 14311DBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      712628 | PA      | $711788.22    | 0.01%             | 2031-07-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                    | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1854000 | PA      | $1766430.57   | 0.02%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILL FL                                                 | Hill FL 2024-2 BV                                                                | CUSIP: 000000000<br>LEI: 724500H2AN902EY7W191 | Long             | ABS-O            | CORP              | NL        |      100000 | PA      | $113260.02    | 0.00%             | 2032-10-18      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-212866.02   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | PL        |           1 | NC      | $-4246.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2020-NQM1                                    | CUSIP: 64830VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      673319 | PA      | $635938.75    | 0.01%             | 2060-01-26      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2182297 | PA      | $2056617.60   | 0.02%             | 2062-04-20      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB86<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     4629000 | PA      | $4451918.16   | 0.05%             | 2045-11-19      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                           | NYC Trust 2024-3ELV                                                              | CUSIP: 62956HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $985001.70    | 0.01%             | 2029-08-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |           1 | NC      | $81.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta 31 Funding Ltd.                                 | Regatta 31 Funding Ltd                                                           | CUSIP: 758962AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1075000 | PA      | $1064787.39   | 0.01%             | 2038-03-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                            | CUSIP: 69703QAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      945000 | PA      | $930189.58    | 0.01%             | 2032-10-15      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      393000 | PA      | $389014.98    | 0.00%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| Ford Credit Auto Owner Trust                            | Ford Credit Auto Owner Trust 2022-D                                              | CUSIP: 345295AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       72078 | PA      | $72304.59     | 0.00%             | 2027-05-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-369255.33   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2019-2                                          | CUSIP: 68269BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      350000 | PA      | $339352.83    | 0.00%             | 2036-10-14      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Eagle Bidco Limited                                     | Eagle Bidco Limited 2021 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 213800YANPDABTN5JJ43 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2244697.98   | 0.03%             | 2028-03-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3010000 | PA      | $2970604.22   | 0.03%             | 2036-11-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BG5<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      850000 | PA      | $837582.27    | 0.01%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pony                                                    | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $112758.73    | 0.00%             | 2033-01-14      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2023-1                                                                      | CUSIP: 26844QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       84027 | PA      | $83851.64     | 0.00%             | 2068-02-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| FS Trust                                                | FS Trust 2024-HULA                                                               | CUSIP: 30338DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6166000 | PA      | $6164073.13   | 0.07%             | 2039-08-15      | Floating      | 6.13%                 | 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        |      350000 | PA      | $325004.47    | 0.00%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL HK                                     | Kasikornbank PCL/Hong Kong                                                       | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | DBT              | CORP              | TH        |     4300000 | PA      | $4153628.00   | 0.05%             | 2031-10-02      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| AREAS WORLDWIDE SA                                      | Areas Worldwide SA 2025 EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |     3000000 | PA      | $3366265.30   | 0.04%             | 2029-12-31      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     1200000 | PA      | $1335630.75   | 0.02%             | 2082-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CeramTec AcquiCo GmbH                                   | CeramTec AcquiCo GmbH 2022 EUR Term Loan B                                       | CUSIP: 000000000<br>LEI: 9845001D9F4A861EIB39 | Long             | LON              | CORP              | DE        |     2000000 | PA      | $2227138.79   | 0.03%             | 2029-03-16      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      824000 | PA      | $769822.00    | 0.01%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                        | Garda World Security Corporation 2025 Term Loan B                                | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |     1107997 | PA      | $1095532.17   | 0.01%             | 2029-02-01      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 16173000000 | PA      | $3320280.46   | 0.04%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-3                                                  | CUSIP: 46592ABD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      416414 | PA      | $5198.64      | 0.00%             | 2050-08-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                          | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |      100000 | PA      | $133140.40    | 0.00%             | 2031-09-16      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXIII Ltd                                            | CUSIP: 08186VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250000.00    | 0.00%             | 2034-04-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      466000 | PA      | $436907.62    | 0.01%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                                | Unipol Assicurazioni SpA                                                         | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | DBT              | CORP              | IT        |     5200000 | PA      | $6045456.76   | 0.07%             | 2034-05-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-3                                                | CUSIP: 92538UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1921631 | PA      | $1834259.19   | 0.02%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXV                                                                  | CUSIP: 03768UAA7<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |     1343588 | PA      | $1338766.80   | 0.02%             | 2034-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-2R Mortgage Loan Trust                                                 | CUSIP: 12656YAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      899976 | PA      | $823494.43    | 0.01%             | 2054-07-27      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                   | Silver Point Clo 4 Ltd                                                           | CUSIP: 82809EAA8<br>LEI: 254900DVAEEJOXQ8PL85 | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $2002895.00   | 0.02%             | 2037-04-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     9432720 | PA      | $9462136.26   | 0.11%             | 2056-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     1045000 | PA      | $1005612.07   | 0.01%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                        | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     5486000 | PA      | $5341797.42   | 0.06%             | 2082-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                              | CUSIP: 80413TBE8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      561000 | PA      | $475273.59    | 0.01%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                         | Yum! Brands Inc                                                                  | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      154000 | PA      | $151334.41    | 0.00%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     2875000 | PA      | $2835968.43   | 0.03%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                     | Sound Point CLO V-R LTD                                                          | CUSIP: 83607EAC6<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001499.90   | 0.01%             | 2031-07-18      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 54 Senior Loan Fund                                                       | CUSIP: 26244RAF8<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |     1406331 | PA      | $1403517.87   | 0.02%             | 2029-10-19      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Clo Xxv                                                                   | CUSIP: 03762YBH9<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $494900.00    | 0.01%             | 2037-01-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                 | INEOS Quattro Finance 2 Plc                                                      | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     5687000 | PA      | $6174512.00   | 0.07%             | 2029-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                               | Chesapeake Funding II LLC                                                        | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |       68329 | PA      | $68723.81     | 0.00%             | 2035-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     1714000 | PA      | $1435264.69   | 0.02%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| THAMES WATER UTIL FIN                                   | Thames Water Utilities Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |      853000 | PA      | $683703.65    | 0.01%             | 2029-04-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     2900000 | PA      | $3899615.65   | 0.04%             | 2035-06-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                | Volcan Cia Minera SAA                                                            | CUSIP: 000000000<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |      373000 | PA      | $351202.81    | 0.00%             | 2030-01-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TERNA RETE ELETTRICA                                    | Terna - Rete Elettrica Nazionale                                                 | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | DBT              | CORP              | IT        |     6505000 | PA      | $7507364.94   | 0.09%             | 2030-01-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEREOS FINANCE GROUPE I                                 | Tereos Finance Groupe I SA                                                       | CUSIP: 000000000<br>LEI: 969500183Z46A3QF8W69 | Long             | DBT              | CORP              | FR        |      832000 | PA      | $945395.98    | 0.01%             | 2031-04-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      300000 | PA      | $286826.07    | 0.00%             | 2027-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                      | THAMES WATER UTILITIES FINANCE PLC                                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |      175000 | PA      | $233575.50    | 0.00%             | 2031-08-20      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      774520 | PA      | $669231.38    | 0.01%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PEQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1172000 | PA      | $1171248.04   | 0.01%             | 2027-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 12 Ltd                                                                   | CUSIP: 00120BAA8<br>LEI: 54930005OE1IFBESDA27 | Long             | ABS-CBDO         | CORP              | KY        |     3106331 | PA      | $3099697.43   | 0.04%             | 2034-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3755000 | PA      | $3191021.68   | 0.04%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                               | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     3130000 | PA      | $3168160.96   | 0.04%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 34 Ltd                                        | CUSIP: 64132YAQ5<br>LEI: 5493009EGZQAPYYVLD80 | Long             | ABS-CBDO         | CORP              | KY        |     3939316 | PA      | $3931868.14   | 0.05%             | 2035-01-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    11260000 | PA      | $2989529.48   | 0.03%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                             | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     1825000 | PA      | $1737661.41   | 0.02%             | 2053-06-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| FORVIA SE                                               | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $546532.40    | 0.01%             | 2027-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                             | Texas Debt Capital CLO 2023-I Ltd                                                | CUSIP: 88238CAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    10000000 | PA      | $10063505.00  | 0.12%             | 2036-04-20      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| LGENERGYSOLUTION                                        | LG Energy Solution Ltd                                                           | CUSIP: 000000000<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |     2500000 | PA      | $2471887.50   | 0.03%             | 2030-04-02      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      720000 | PA      | $655890.03    | 0.01%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Wildwood Park CLO LTD                                   | Wildwood Park CLO Ltd                                                            | CUSIP: 96820DAA5<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $972832.00    | 0.01%             | 2037-10-20      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2019-NQM4                                    | CUSIP: 64828EAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3063270 | PA      | $2903888.91   | 0.03%             | 2059-09-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                                | Telenet Finance Luxembourg Notes Sarl                                            | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    10600000 | PA      | $10334533.60  | 0.12%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $62484.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONTEX GROUP NV                                          | Ontex Group NV                                                                   | CUSIP: 000000000<br>LEI: 549300AQESC6JJOPW253 | Long             | DBT              | CORP              | BE        |      533000 | PA      | $613621.22    | 0.01%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SK BATTERY AMERICA INC                                  | SK Battery America Inc                                                           | CUSIP: 000000000<br>LEI: 54930012FBFVNU7RWO57 | Long             | DBT              | CORP              | US        |      409000 | PA      | $396578.67    | 0.00%             | 2026-01-26      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| APAVE SA                                                | Apave SA EUR Term Loan B                                                         | CUSIP: 000000000<br>LEI: 96950091VWAYXK8PF876 | Long             | LON              | CORP              | FR        |     1714286 | PA      | $1931503.97   | 0.02%             | 2031-12-09      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |      665000 | PA      | $883865.54    | 0.01%             | 2031-08-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | TRSWAP: USHY US EQUITY                                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |     9330321 | OU      | $-145128.10   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kings Park CLO Ltd                                      | Kings Park CLO Ltd                                                               | CUSIP: 496094AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1341884 | PA      | $1341884.00   | 0.02%             | 2035-01-21      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                     | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     2015000 | PA      | $2035103.66   | 0.02%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Auto1 Car Funding                                       | Auto1 Car Funding Sarl                                                           | CUSIP: 000000000<br>LEI: 984500380CAE46K6F380 | Long             | ABS-O            | CORP              | LU        |      420888 | PA      | $477589.18    | 0.01%             | 2033-12-15      | Floating      | 3.00%                 | 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        |      850000 | PA      | $944778.19    | 0.01%             | 2034-05-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| TREVA Equipment Finance                                 | TREVA Equipment Finance SA - Compartment 2024-1                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      586964 | PA      | $664213.14    | 0.01%             | 2035-01-20      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      693000 | PA      | $650083.00    | 0.01%             | 2029-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                | Windsor Holdings III LLC 2025 EUR Term Loan B                                    | CUSIP: 97360BAJ4<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |      400000 | PA      | $445305.41    | 0.01%             | 2030-08-01      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL CAM/PLUS LOTE                                | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA                                    | CUSIP: 72941KAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |      546000 | PA      | $555964.50    | 0.01%             | 2036-07-03      | Fixed         | 6.24%                 | No            |                  2 | On Loan: —       |
| UBS AG                                                  | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-38046.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                              | CD&R Firefly Bidco Limited 2024 EUR Term Loan B4                                 | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |     1000000 | PA      | $1122235.70   | 0.01%             | 2028-06-21      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2024-1                           | CUSIP: 44644NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      790728 | PA      | $788776.81    | 0.01%             | 2032-05-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      936000 | PA      | $930733.88    | 0.01%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                               | Wellington Management Clo 4 Ltd                                                  | CUSIP: 94957LAA7<br>LEI: 213800VJVBC3KZIDZU56 | Long             | ABS-CBDO         | CORP              | KY        |     3500000 | PA      | $3452629.95   | 0.04%             | 2038-04-18      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |           1 | NC      | $-428.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2057000 | PA      | $1918590.29   | 0.02%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-6                                                  | CUSIP: 03464UAB2<br>LEI: 254900QAUT3NUZVCSB04 | Long             | ABS-MBS          | CORP              | US        |      213982 | PA      | $215441.55    | 0.00%             | 2067-12-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $27.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                            | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     1705000 | PA      | $1612299.15   | 0.02%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |           1 | NC      | $225803.95    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      439000 | PA      | $414363.93    | 0.00%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                                 | Regatta 30 Funding Ltd                                                           | CUSIP: 75903UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2990121.00   | 0.03%             | 2038-01-25      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                                | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9363000 | PA      | $9806768.75   | 0.11%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: —       |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     3135000 | PA      | $3039983.17   | 0.03%             | 2081-11-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED EGP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | EG        |           1 | NC      | $178917.90    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1700000 | PA      | $1693340.42   | 0.02%             | 2026-09-01      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-SCHATZ FUT JUN25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -281 | NC      | $-125800.21   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-1                                                  | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4646105 | PA      | $4596804.36   | 0.05%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                          | Microsoft Corp                                                                   | CUSIP: 594918CW2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     3715000 | PA      | $2270599.01   | 0.03%             | 2050-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    37030000 | PA      | $1751348.16   | 0.02%             | 2032-11-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H5 Mortgage Trust                                                     | CUSIP: 22757HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5901804 | PA      | $5935060.54   | 0.07%             | 2069-08-26      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 32 Ltd                                        | CUSIP: 64132DAL2<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |      225000 | PA      | $223784.98    | 0.00%             | 2032-01-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                       | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     4000000 | PA      | $4581020.90   | 0.05%             | 2029-07-31      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| MTR CORP LTD                                            | MTR Corp Ltd                                                                     | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | DBT              | CORP              | HK        |     5625000 | PA      | $5466937.50   | 0.06%             | 2055-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1249451.38   | 0.01%             | 2037-07-23      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                           | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      532854 | PA      | $556832.43    | 0.01%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2025-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400LLQ82YFJBFFU27 | Long             | ABS-MBS          | CORP              | GB        |      824000 | PA      | $1096958.32   | 0.01%             | 2035-05-17      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV                                                | Ziggo BV                                                                         | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |     2016000 | PA      | $1856017.50   | 0.02%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $1084.84      | 0.00%             |  |  |  | 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        |      820000 | PA      | $713851.00    | 0.01%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-D                                          | CUSIP: 78454XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1571446 | PA      | $1626145.87   | 0.02%             | 2058-10-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1504604 | PA      | $1493319.18   | 0.02%             | 2041-04-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                             | Eutelsat SA                                                                      | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |     5400000 | PA      | $5048564.66   | 0.06%             | 2028-10-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM8                                        | CUSIP: 10571DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10258215 | PA      | $10110917.95  | 0.12%             | 2053-08-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-INV1                                             | CUSIP: 92539FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         707 | PA      | $707.41       | 0.00%             | 2068-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                           | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     6600000 | PA      | $7448962.25   | 0.09%             | 2026-03-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    11263000 | PA      | $11117496.68  | 0.13%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     4900000 | PA      | $4733645.00   | 0.05%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: —       |
| VISTRA CORP                                             | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      498000 | PA      | $493663.99    | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     2649000 | PA      | $2693836.97   | 0.03%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                   | Mineral Resources Ltd                                                            | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      860000 | PA      | $781227.35    | 0.01%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TH        |           1 | NC      | $-5942.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $994690.00    | 0.01%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |       12728 | PA      | $11964.13     | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180QAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2953256.40   | 0.03%             | 2038-01-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     1000000 | PA      | $1042222.47   | 0.01%             | 2029-01-18      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital CLO 9 Ltd                                                       | CUSIP: 25254AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3150000 | PA      | $3120320.70   | 0.04%             | 2038-04-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     6200000 | PA      | $1614721.22   | 0.02%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                            | ams-OSRAM AG                                                                     | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |     1100000 | PA      | $1081022.60   | 0.01%             | 2027-11-03      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                             | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      600000 | PA      | $583800.00    | 0.01%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAC0<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |      583000 | PA      | $548930.94    | 0.01%             | 2030-01-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-680342.94   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS                                    | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   430190532 | NS      | $430362608.30 | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MONITCHEM HOLDCO 3 S.A.                                 | Monitchem HoldCo 3 SA                                                            | CUSIP: 000000000<br>LEI: 222100SJHJ1CNJMSW162 | Long             | DBT              | CORP              | LU        |     3276000 | PA      | $3664167.60   | 0.04%             | 2028-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |           1 | NC      | $-7855.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUOMO BIDCO SPA                                         | Duomo Bidco SpA                                                                  | CUSIP: 000000000<br>LEI: 8156008BEDB552B30829 | Long             | DBT              | CORP              | IT        |     2317000 | PA      | $2624058.69   | 0.03%             | 2031-07-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 28 Ltd                                                             | CUSIP: 05876HAE2<br>LEI: 2549006FL37LMQQU3H44 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $495799.95    | 0.01%             | 2038-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Ammeraal Beltech Holding BV                             | Ammeraal Beltech Holding BV 2023 EUR Term Loan B                                 | CUSIP: 000000000<br>LEI: 724500HW03Y0R2FX0U51 | Long             | LON              | CORP              | NL        |     2768626 | PA      | $3110312.79   | 0.04%             | 2028-12-30      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                        | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       47000 | PA      | $47166.90     | 0.00%             | 2027-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2021-A                                 | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      297314 | PA      | $271575.21    | 0.00%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1138000 | PA      | $1039048.97   | 0.01%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EUROBANK ERG SVCS HLDGS                                 | Eurobank Ergasias Services and Holdings SA                                       | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | DBT              | CORP              | GR        |     3275000 | PA      | $3671300.20   | 0.04%             | 2035-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bond                                             | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1199000 | PA      | $1185960.88   | 0.01%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     9121000 | PA      | $8661644.73   | 0.10%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     1113000 | PA      | $1132067.04   | 0.01%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| THAMES WATER UTIL FIN                                   | Thames Water Utilities Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |      300000 | PA      | $309356.28    | 0.00%             | 2027-06-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vasco Finance                                           | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |      100000 | PA      | $113366.16    | 0.00%             | 2042-10-27      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $19554.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APPLE INC                                               | Apple Inc                                                                        | CUSIP: 037833EL0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     5799000 | PA      | $3473978.11   | 0.04%             | 2061-08-05      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BANCOLOMBIA SA                                          | Bancolombia SA                                                                   | CUSIP: 05968LAN2<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |      510000 | PA      | $527824.50    | 0.01%             | 2034-12-24      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| CHARLES RIVER LABORATORI                                | Charles River Laboratories International Inc                                     | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     2949000 | PA      | $2593034.44   | 0.03%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| MATTERHORN TELECOM HOLDING SA                           | Matterhorn Telecom Holding SA EUR Term Loan B                                    | CUSIP: 000000000<br>LEI: 549300MTB0YI26SMUT22 | Long             | LON              | CORP              | LU        |     1361702 | PA      | $1531235.82   | 0.02%             | 2032-01-30      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: CNY 1.582500 19-MAR-2028 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    32627024 | OU      | $21487.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $28058.94     | 0.00%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     1720000 | PA      | $1741420.30   | 0.02%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| ASCENT RESOURCES/ARU FIN                                | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      673000 | PA      | $665940.36    | 0.01%             | 2032-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2429000 | PA      | $2195610.26   | 0.03%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                       | Park Blue CLO 2024-VI Ltd                                                        | CUSIP: 70019KAA5<br>LEI: 213800RLFYTJFPXOL592 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999485.90    | 0.01%             | 2038-01-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXII                                                                 | CUSIP: 03768RAQ9<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |     1741518 | PA      | $1734286.73   | 0.02%             | 2033-01-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      933000 | PA      | $947811.38    | 0.01%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXII                                                                  | CUSIP: 03765XAG1<br>LEI: 5493003SQW0Q40KVFQ19 | Long             | ABS-CBDO         | CORP              | KY        |      678734 | PA      | $678833.63    | 0.01%             | 2031-04-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-6889.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 32 Ltd                                        | CUSIP: 64132DAJ7<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |     1986292 | PA      | $1983184.08   | 0.02%             | 2032-01-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HD2G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4032901 | PA      | $4035548.19   | 0.05%             | 2054-06-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXXIII Ltd                                                          | CUSIP: 87169JAL6<br>LEI: 254900K6DKU2R9SF7M98 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $998304.80    | 0.01%             | 2038-01-24      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 32 Ltd                                                                   | CUSIP: 00121BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $750000.00    | 0.01%             | 2037-07-21      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2020-C Trust                                      | CUSIP: 83390UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1951531 | PA      | $1828535.23   | 0.02%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      126000 | PA      | $128677.50    | 0.00%             | 2028-02-17      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                   | McGraw-Hill Education Inc                                                        | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     1706000 | PA      | $1743121.66   | 0.02%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 5 Ltd                                                         | CUSIP: 67113GAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1750000 | PA      | $1735300.53   | 0.02%             | 2037-10-18      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4250000 | PA      | $4269370.23   | 0.05%             | 2036-09-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113LAW6<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |     2750000 | PA      | $2745875.00   | 0.03%             | 2037-07-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                                  | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     1305000 | PA      | $1219729.60   | 0.01%             | 2029-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2023-1 Ltd                                               | CUSIP: 05685NAA8<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1001804.80   | 0.01%             | 2036-04-16      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                                    | Fort Greene Park CLO LLC                                                         | CUSIP: 18914KAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $932120.70    | 0.01%             | 2034-04-22      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3736000 | PA      | $3760413.64   | 0.04%             | 2033-12-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden XXVI Senior Loan Fund                                                     | CUSIP: 26250UAQ8<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |     1549568 | PA      | $1548793.23   | 0.02%             | 2029-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     4151000 | PA      | $4487519.00   | 0.05%             | 2030-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     3183000 | PA      | $2931950.97   | 0.03%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| PAPREC HOLDING SA                                       | Paprec Holding SA                                                                | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |      170000 | PA      | $201732.36    | 0.00%             | 2027-11-17      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CO        |           1 | NC      | $-40449.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     3127000 | PA      | $3003066.70   | 0.03%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                       | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |      120427 | PA      | $136928.85    | 0.00%             | 2036-11-17      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Tikehau                                                 | Tikehau CLO VI DAC                                                               | CUSIP: 000000000<br>LEI: 54930074V8PMLHROE464 | Long             | ABS-CBDO         | CORP              | IE        |     1000000 | PA      | $1117996.01   | 0.01%             | 2035-01-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                             | FIGRE Trust 2024-HE4                                                             | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     7048022 | PA      | $7039916.51   | 0.08%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $1179671.22   | 0.01%             | 2030-12-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                               | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     3760000 | PA      | $3735539.02   | 0.04%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAL9<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     4500000 | PA      | $4154040.00   | 0.05%             | 2030-06-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                | FSWP: PLN 4.883000 19-MAR-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5022750 | OU      | $50647.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HHH53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5363870 | PA      | $5307489.60   | 0.06%             | 2054-09-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                                      | Murphy Oil USA Inc                                                               | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |      100000 | PA      | $90129.84     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      900000 | PA      | $874021.23    | 0.01%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2022-3                                                 | CUSIP: 89180NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2140520 | PA      | $2024552.90   | 0.02%             | 2062-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AHLSTROM HLDG 3 OY                                      | Ahlstrom Holding 3 Oy                                                            | CUSIP: 000000000<br>LEI: 743700UEY0YM039XN974 | Long             | DBT              | CORP              | FI        |      847000 | PA      | $922749.65    | 0.01%             | 2028-02-04      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AI Monet Luxembourg ParentCo Sarl                       | AI Monet Luxembourg ParentCo Sarl EUR Term Loan B                                | CUSIP: 000000000<br>LEI: 254900ZBR0EYN4SVLE93 | Long             | LON              | CORP              | LU        |     3150000 | PA      | $3565517.28   | 0.04%             | 2031-03-06      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                 | SBA Communications Corp                                                          | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     3460000 | PA      | $3205601.42   | 0.04%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3137058 | PA      | $3131175.56   | 0.04%             | 2038-04-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XX Ltd                                                          | CUSIP: 83012QAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249700.00    | 0.00%             | 2034-10-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| EMIRATES NBD BANK PJSC                                  | Emirates NBD Bank PJSC                                                           | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | DBT              | CORP              | AE        |      618000 | PA      | $633450.00    | 0.01%             | 2030-08-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                           | SCHAEFFLER AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     1200000 | PA      | $1352623.51   | 0.02%             | 2031-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Noria                                                   | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |      100000 | PA      | $112601.94    | 0.00%             | 2043-02-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      597000 | PA      | $527126.01    | 0.01%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |           1 | NC      | $-38313.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-4 Ltd                                                     | CUSIP: 69702GAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      955000 | PA      | $939305.43    | 0.01%             | 2034-10-15      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                               | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       21000 | PA      | $20920.31     | 0.00%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Invesco CLO 2022-1, Ltd.                                | Invesco CLO 2022-1 Ltd                                                           | CUSIP: 460988AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      500000 | PA      | $497399.90    | 0.01%             | 2035-04-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                             | Prologis LP                                                                      | CUSIP: 74340XBQ3<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     3541000 | PA      | $1843548.71   | 0.02%             | 2050-10-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | TRSWAP: LQD US EQUITY                                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    15610959 | OU      | $-103092.60   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dutch Property Finance                                  | Dutch Property Finance 2023-1 BV                                                 | CUSIP: 000000000<br>LEI: 72450018DWAQNJ1JEW75 | Long             | ABS-MBS          | CORP              | NL        |      995988 | PA      | $1128869.10   | 0.01%             | 2064-04-28      | Floating      | 3.06%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-INV4 Mortgage Loan Trust                                               | CUSIP: 19688QAA9<br>LEI: 2138008UGM66WOAUY633 | Long             | ABS-MBS          | CORP              | US        |     8017061 | PA      | $8049197.75   | 0.09%             | 2069-05-25      | Variable      | 5.61%                 | 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        |     1483198 | PA      | $1680594.46   | 0.02%             | 2031-10-30      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                    | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $492907.80    | 0.01%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-3 Mortgage Loan Trust                                                  | CUSIP: 19688FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      728176 | PA      | $605135.02    | 0.01%             | 2066-09-27      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust LLC 2024-J1                                        | CUSIP: 75023DAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2074836 | PA      | $2084581.49   | 0.02%             | 2054-11-25      | Variable      | 6.00%                 | 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        |     2000000 | PA      | $2242794.79   | 0.03%             | 2031-02-28      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                     | Republic of Armenia International Bond                                           | CUSIP: 042207AE0<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |      268000 | PA      | $251920.00    | 0.00%             | 2035-03-12      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |     6027000 | PA      | $7102709.39   | 0.08%             | 2030-02-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                                   | Tennessee Valley Authority                                                       | CUSIP: 880591FC1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |     6290000 | PA      | $6133201.62   | 0.07%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 60 CLO Ltd                                                                | CUSIP: 26251NAB6<br>LEI: 549300KI3ILQQHC87U86 | Long             | ABS-CBDO         | CORP              | KY        |     1561662 | PA      | $1560765.07   | 0.02%             | 2031-07-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CUMULUS STATIC CLO                                      | Cumulus Static CLO 2024-1 DAC                                                    | CUSIP: 000000000<br>LEI: 2549005ZFHRHIZ9ONM43 | Long             | ABS-CBDO         | CORP              | IE        |      333000 | PA      | $375724.00    | 0.00%             | 2033-11-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |           1 | NC      | $51805.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1179666 | PA      | $1060482.19   | 0.01%             | 2053-01-15      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                            | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4855000 | PA      | $4876103.71   | 0.06%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-16084.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL14 LLC                                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     5826000 | PA      | $5811248.57   | 0.07%             | 2039-03-19      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 11 Ltd                                         | CUSIP: 38138KAL4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |     5640000 | PA      | $5601449.47   | 0.06%             | 2034-10-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5801000 | PA      | $5810019.97   | 0.07%             | 2059-10-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                                | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     4176000 | PA      | $3966890.22   | 0.05%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: —       |
| GCAT                                                    | GCAT 2020-NQM2 Trust                                                             | CUSIP: 36166RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1694210 | PA      | $1620132.73   | 0.02%             | 2065-04-25      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                   | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     9050000 | PA      | $8946107.81   | 0.10%             | 2042-08-17      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     3355000 | PA      | $3267312.71   | 0.04%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2024-CES4                                              | CUSIP: 89182QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2982002.70   | 0.03%             | 2064-09-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 17164000000 | PA      | $1134271.57   | 0.01%             | 2036-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRATON FINANCE LUX SA                                   | Traton Finance Luxembourg SA                                                     | CUSIP: 000000000<br>LEI: 529900BRKIE6LKIEXD84 | Long             | DBT              | CORP              | LU        |    10800000 | PA      | $12271551.06  | 0.14%             | 2026-01-21      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| ORIGIN ENERGY FINANCE                                   | Origin Energy Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493002W5C9Z753C7Q57 | Long             | DBT              | CORP              | AU        |     5554000 | PA      | $5703582.48   | 0.07%             | 2029-09-17      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2019-2 Ltd                                                              | CUSIP: 92917RAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3613543 | PA      | $3604806.86   | 0.04%             | 2032-07-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                                  | CUSIP: 46592EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      791641 | PA      | $725958.33    | 0.01%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                 | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     1653000 | PA      | $1842156.66   | 0.02%             | 2030-02-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares XLVIII CLO Ltd                                                              | CUSIP: 04017FAE9<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $549340.00    | 0.01%             | 2030-07-20      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      292000 | PA      | $282576.69    | 0.00%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 22 Ltd                                                             | CUSIP: 05877GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000975.40   | 0.01%             | 2037-04-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                             | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |      502000 | PA      | $661075.22    | 0.01%             | 2035-02-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                       | Kaman Corporation 2025 Term Loan B                                               | CUSIP: 000000000<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     4300355 | PA      | $4232021.96   | 0.05%             | 2032-02-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Lernen Bidco Limited                                    | Lernen Bidco Limited EUR Term Loan B1                                            | CUSIP: 000000000<br>LEI: 894500YKKF2CXAP6DR25 | Long             | LON              | CORP              | GB        |     1000000 | PA      | $1130958.65   | 0.01%             | 2029-04-25      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2019-H6                                           | CUSIP: 61769JBD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      895000 | PA      | $842494.56    | 0.01%             | 2052-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                                 | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     1568000 | PA      | $1550738.20   | 0.02%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TVF VARLIK KIRALAMA AS                                  | TVF Varlik Kiralama AS                                                           | CUSIP: 000000000<br>LEI: 7890008K3XQXPH1NO713 | Long             | DBT              | CORP              | TR        |      672000 | PA      | $663600.00    | 0.01%             | 2030-01-23      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NOVA ALEXANDRE III SAS                                  | Nova Alexandre III SAS                                                           | CUSIP: 000000000<br>LEI: 969500J0AKOB1UHO6I65 | Long             | DBT              | CORP              | FR        |     2309000 | PA      | $2640392.22   | 0.03%             | 2029-07-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                                    | Grupo Aeromexico SAB de CV                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      600000 | PA      | $561378.00    | 0.01%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                                        | Gruenenthal GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |     1154000 | PA      | $1281215.59   | 0.01%             | 2031-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5340000 | PA      | $5338331.25   | 0.06%             | 2041-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |           1 | NC      | $4468.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                                      | Cellnex Telecom SA                                                               | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |     6400000 | PA      | $6454778.78   | 0.07%             | 2031-11-20      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) LP                         | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |     2283722 | PA      | $2248240.14   | 0.03%             | 2064-12-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-38 Ltd                                                              | CUSIP: 67120KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $4994631.50   | 0.06%             | 2038-01-21      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     3800000 | PA      | $4525454.58   | 0.05%             | 2083-09-25      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2019-EXP1 Trust                                                              | CUSIP: 67448QBA8<br>LEI: 549300ELWOCL265HSB73 | Long             | ABS-MBS          | CORP              | US        |     1016898 | PA      | $1018841.56   | 0.01%             | 2059-01-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-PT-A                                       | CUSIP: 78449VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      380000 | PA      | $337058.48    | 0.00%             | 2054-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2023-NQM1                                        | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2385274 | PA      | $2388398.66   | 0.03%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2004-B                                     | CUSIP: 78443CBP8<br>LEI: 549300HIOV1ESFZYQ040 | Long             | ABS-O            | CORP              | US        |      228245 | PA      | $224978.50    | 0.00%             | 2033-09-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     2388000 | PA      | $3421971.70   | 0.04%             | 2086-08-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                           | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     5436000 | PA      | $6389106.96   | 0.07%             | 2029-10-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I 2017-HR2                                                | CUSIP: 61691NAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      230000 | PA      | $222642.44    | 0.00%             | 2050-12-15      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO Ltd                      | Morgan Stanley Eaton Vance CLO 2023-19 Ltd                                       | CUSIP: 617934AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1006544.60   | 0.01%             | 2036-07-20      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-2 Ltd                                            | CUSIP: 69701NAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4050000 | PA      | $4057695.41   | 0.05%             | 2030-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: CLP 4.840000 21-OCT-2025 CLI                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   889637636 | OU      | $1157.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital Clo 1 Ltd                                                       | CUSIP: 25255DAL4<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-CBDO         | CORP              | KY        |     3250000 | PA      | $3250120.25   | 0.04%             | 2037-10-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1625000 | PA      | $1554121.32   | 0.02%             | 2034-08-10      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| Jubilee Place                                           | Jubilee Place 7 BV                                                               | CUSIP: 000000000<br>LEI: 724500E73QDBSXZ44959 | Long             | ABS-MBS          | CORP              | NL        |      100000 | PA      | $112474.61    | 0.00%             | 2062-09-18      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-73740.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 8.020000 26-MAR-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    31371030 | OU      | $-13406.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hermitage Plc                                           | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |      641449 | PA      | $855974.90    | 0.01%             | 2033-04-21      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Regatta 31 Funding Ltd.                                 | Regatta 31 Funding Ltd                                                           | CUSIP: 758962AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2590000 | PA      | $2577050.00   | 0.03%             | 2038-03-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| LIBERTY COSTA RICA SR SF                                | Liberty Costa Rica Senior Secured Finance                                        | CUSIP: 530371AA1<br>LEI: 549300W6O2PHTPCYQ751 | Long             | DBT              | CORP              | KY        |      247000 | PA      | $260661.57    | 0.00%             | 2031-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 41B-R Ltd                                             | CUSIP: 38178AAA1<br>LEI: 2549005QZPXI5WPU4V74 | Long             | ABS-CBDO         | CORP              | KY        |     4250000 | PA      | $4250925.65   | 0.05%             | 2034-01-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                             | FIGRE Trust 2024-HE6                                                             | CUSIP: 31684DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7471859 | PA      | $7527547.80   | 0.09%             | 2054-12-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFTWARE HOLDINGS INC                            | Helios Software Holdings Inc 2025 EUR Term Loan B                                | CUSIP: 42328DAM0<br>LEI: 213800L79ZXIG33VIU08 | Long             | LON              | CORP              | LU        |     1687861 | PA      | $1837656.66   | 0.02%             | 2028-03-13      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                       | 720 East CLO 2022-I Ltd                                                          | CUSIP: 81785AAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2755000 | PA      | $2753456.37   | 0.03%             | 2038-01-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| MEDCO MAPLE TREE PTE LTD                                | Medco Maple Tree Pte Ltd                                                         | CUSIP: 58407HAA7<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |      250000 | PA      | $255157.50    | 0.00%             | 2029-04-27      | Fixed         | 8.96%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                            | Magnera Corp                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     3801000 | PA      | $3312210.41   | 0.04%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     1766000 | PA      | $1696649.23   | 0.02%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2025-1 Ltd                                            | CUSIP: 69704CAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $967524.88    | 0.01%             | 2033-02-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED MYR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |           1 | NC      | $166416.93    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |      100000 | PA      | $113400.94    | 0.00%             | 2039-11-15      | Floating      | 3.81%                 | No            |                  2 | On Loan: No      |
| H&E EQUIPMENT SERVICES                                  | H&E Equipment Services Inc                                                       | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |     1642000 | PA      | $1635038.58   | 0.02%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |           1 | NC      | $24970.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-B                                                 | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1298442 | PA      | $1291430.10   | 0.01%             | 2062-04-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                            | Teleflex Inc                                                                     | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |     5931000 | PA      | $5678750.42   | 0.07%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Voya CLO Ltd                                            | Voya CLO 2014-2 Ltd                                                              | CUSIP: 92912VAY1<br>LEI: 549300L8S87K3SMP0R77 | Long             | ABS-CBDO         | CORP              | KY        |        9011 | PA      | $9011.43      | 0.00%             | 2030-04-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2025-NQM4                                        | CUSIP: 10570QAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10860064 | PA      | $10859966.26  | 0.12%             | 2065-05-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HFWY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    12770197 | PA      | $12671058.52  | 0.15%             | 2054-10-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                             | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |      406000 | PA      | $537479.42    | 0.01%             | 2035-02-18      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      176000 | PA      | $164307.88    | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                     | ASSURANT CLO II LTD                                                              | CUSIP: 04623TAA3<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |      133628 | PA      | $133610.27    | 0.00%             | 2031-04-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-D                                 | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1689902 | PA      | $1687876.94   | 0.02%             | 2059-12-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      463226 | PA      | $462608.59    | 0.01%             | 2062-04-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-1 Mortgage Loan Trust                                                  | CUSIP: 19688TAA3<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |     1340503 | PA      | $1343557.57   | 0.02%             | 2069-02-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XXXI Ltd                                                            | CUSIP: 895972AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      270000 | PA      | $268765.70    | 0.00%             | 2038-01-22      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM3 Trust                                                              | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |     1221320 | PA      | $1229297.45   | 0.01%             | 2063-12-25      | Variable      | 6.13%                 | 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        |     2000000 | PA      | $2236246.91   | 0.03%             | 2030-02-27      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                                   | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |     1688000 | PA      | $1985873.35   | 0.02%             | 2030-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Prosol SAS                                              | Prosol SAS 2021 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 969500AEFV8YOHIJUO57 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2249523.92   | 0.03%             | 2028-07-12      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                     | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      893000 | PA      | $874234.50    | 0.01%             | 2028-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                | FSWP: PLN 4.905000 19-MAR-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     6408703 | OU      | $66291.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    88198200 | PA      | $4431722.87   | 0.05%             | 2026-09-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $-1355.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     3096000 | PA      | $2848338.48   | 0.03%             | 2030-04-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.700000 06-JAN-2035 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    34657000 | OU      | $162594.67    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 9 Ltd                                          | CUSIP: 38138JAU7<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249744.50    | 0.00%             | 2037-04-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      232000 | PA      | $212860.00    | 0.00%             | 2029-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      351000 | PA      | $315864.90    | 0.00%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CEDACRI SPA                                             | Cedacri SpA                                                                      | CUSIP: 000000000<br>LEI: 815600E85FCD78B3EE61 | Long             | DBT              | CORP              | IT        |     7927000 | PA      | $8856580.52   | 0.10%             | 2028-05-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| CALI Mortgage Trust                                     | Cali 2024-Sun                                                                    | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4580000 | PA      | $4580000.00   | 0.05%             | 2041-07-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                       | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $1366018.26   | 0.02%             | 2029-07-31      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      595000 | PA      | $617098.48    | 0.01%             | 2036-09-15      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| SANTE CIE                                               | Sante Cie 2024 EUR Term Loan B                                                   | CUSIP: 000000000<br>LEI: 969500AUR196HWBLK085 | Long             | LON              | CORP              | FR        |     1636364 | PA      | $1846804.22   | 0.02%             | 2031-12-17      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     2238000 | PA      | $2236552.69   | 0.03%             | 2027-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP                                      | Baytex Energy Corp                                                               | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     1283000 | PA      | $1192207.39   | 0.01%             | 2030-04-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                     | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      644000 | PA      | $628810.04    | 0.01%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                                 | International Game Technology PLC                                                | CUSIP: 460599AF0<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |     3156000 | PA      | $3115272.89   | 0.04%             | 2026-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ARENA LUX FIN SARL                                      | Arena Luxembourg Finance Sarl                                                    | CUSIP: 000000000<br>LEI: 222100KX2LPK5KRSIG74 | Long             | DBT              | CORP              | LU        |     4122000 | PA      | $4655160.87   | 0.05%             | 2030-05-01      | Floating      | 4.82%                 | 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        |     3607000 | PA      | $3320042.59   | 0.04%             | 2029-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2007-A                                     | CUSIP: 78443DAD4<br>LEI: 549300T563MF7L069881 | Long             | ABS-O            | CORP              | US        |      368584 | PA      | $359508.55    | 0.00%             | 2041-12-16      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1424000 | PA      | $1360732.21   | 0.02%             | 2056-03-04      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |      308000 | PA      | $322133.81    | 0.00%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Capital Four CLO                                        | Capital Four CLO VIII DAC                                                        | CUSIP: 000000000<br>LEI: 2549006Z0XBVN3OW8T93 | Long             | ABS-CBDO         | CORP              | IE        |     1360000 | PA      | $1512556.42   | 0.02%             | 2037-10-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                        | Vital Energy Inc                                                                 | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     1432000 | PA      | $1112510.63   | 0.01%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                           | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     1964000 | PA      | $1994479.32   | 0.02%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: —       |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      600000 | PA      | $594294.00    | 0.01%             | 2027-01-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED EGP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | EG        |           1 | NC      | $-11548.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      629000 | PA      | $568787.65    | 0.01%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2022-NQM3                                    | CUSIP: 64831QAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      943831 | PA      | $862308.99    | 0.01%             | 2062-04-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                       | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     2675000 | PA      | $2518950.24   | 0.03%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $114236.53    | 0.00%             | 2034-03-21      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Octagon Investments Partners 36, Ltd.                   | Octagon Investment Partners 36 Ltd                                               | CUSIP: 67591UAC1<br>LEI: 549300S890TBOLY1D042 | Long             | ABS-CBDO         | CORP              | KY        |     1413876 | PA      | $1412424.72   | 0.02%             | 2031-04-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                             | FIGRE Trust 2024-SL1                                                             | CUSIP: 31684JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6756239 | PA      | $6809858.72   | 0.08%             | 2053-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Clo Xxv                                                                   | CUSIP: 03762YBD8<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |     4105000 | PA      | $4072387.01   | 0.05%             | 2037-01-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-II Ltd                                                         | CUSIP: 12550YAQ7<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     1860000 | PA      | $1857209.81   | 0.02%             | 2030-04-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |           1 | NC      | $32740.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROMIGAS/GASES PACIFICO                                 | Promigas SA ESP / Gases del Pacifico SAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      819000 | PA      | $758598.75    | 0.01%             | 2029-10-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 19 Ltd                                                     | CUSIP: 03328JAA5<br>LEI: 549300ZNOS7Q8W8H3S38 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1996879.40   | 0.02%             | 2034-10-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego CLO XI DAC                                                               | CUSIP: 000000000<br>LEI: 6354008HTD4GEZHRKR02 | Long             | ABS-CBDO         | CORP              | IE        |      850000 | PA      | $941776.96    | 0.01%             | 2038-11-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran CAVU 2024-1 Ltd                                                         | CUSIP: 895971AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4000000.00   | 0.05%             | 2038-01-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 40546000000 | PA      | $2470565.73   | 0.03%             | 2038-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |           1 | NC      | $-705.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      586000 | PA      | $484270.40    | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| PCL Funding                                             | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |      100000 | PA      | $133105.22    | 0.00%             | 2029-07-16      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     7315000 | PA      | $7301133.69   | 0.08%             | 2039-09-19      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                    | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |      156000 | PA      | $169056.11    | 0.00%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                         | CUSIP: 61790VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11651542 | PA      | $11651375.38  | 0.13%             | 2070-03-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2022-GRN2 Issuer Trust                            | CUSIP: 38151JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1328017 | PA      | $1364728.35   | 0.02%             | 2052-10-25      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XX CLO Ltd                                                                | CUSIP: 36320MAL2<br>LEI: 549300S1CAKZT00VQL17 | Long             | ABS-CBDO         | CORP              | KY        |      808170 | PA      | $807862.44    | 0.01%             | 2031-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| TDC NET AS                                              | TDC Net A/S                                                                      | CUSIP: 000000000<br>LEI: 549300SH2G3R15Y3FX20 | Long             | DBT              | CORP              | DK        |     1350000 | PA      | $1540778.54   | 0.02%             | 2032-08-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    12200000 | PA      | $12884142.25  | 0.15%             | 2030-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     4953000 | PA      | $4714958.82   | 0.05%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| TIAA CLO Ltd                                            | TIAA CLO IV Ltd                                                                  | CUSIP: 88631YAQ0<br>LEI: 5493000Q4E256SBMCY29 | Long             | ABS-CBDO         | CORP              | KY        |     1240000 | PA      | $1240037.32   | 0.01%             | 2032-01-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052656<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    21329000 | PA      | $21282955.38  | 0.24%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                       | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     1565000 | PA      | $1550369.05   | 0.02%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6430000 | PA      | $6409827.80   | 0.07%             | 2041-06-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     1179000 | PA      | $1143893.39   | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    10197000 | PA      | $10172612.14  | 0.12%             | 2028-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Anchorage Capital CLO LTD                               | Anchorage Capital Clo 18 Ltd                                                     | CUSIP: 03331AAA9<br>LEI: 549300JIJ617WYIUFX18 | Long             | ABS-CBDO         | CORP              | KY        |      350000 | PA      | $349172.74    | 0.00%             | 2034-04-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2022-NQM1 Trust                                                             | CUSIP: 36168VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4845484 | PA      | $4612427.79   | 0.05%             | 2067-02-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                     | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     3105000 | PA      | $3126735.00   | 0.04%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust                                                 | CUSIP: 78449XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1016000 | PA      | $911803.10    | 0.01%             | 2053-07-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares XLVIII CLO Ltd                                                              | CUSIP: 04017FAJ8<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1001650.00   | 0.01%             | 2030-07-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     1354000 | PA      | $1321710.35   | 0.02%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-73740.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HCYX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3390779 | PA      | $3396934.38   | 0.04%             | 2054-06-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                    | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |      200000 | PA      | $180756.79    | 0.00%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDENRED SE                                              | Edenred SE                                                                       | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | DBT              | CORP              | FR        |     1300000 | PA      | $1498268.29   | 0.02%             | 2026-12-13      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXIV                                                                  | CUSIP: 03759CAV2<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |     4500000 | PA      | $4488749.55   | 0.05%             | 2030-10-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.430000 03-OCT-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   160000000 | OU      | $1269398.85   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                   | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      837000 | PA      | $791562.28    | 0.01%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                   | Bath & Body Works Inc                                                            | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      506000 | PA      | $515924.18    | 0.01%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| RR Ltd                                                  | RR 38 Ltd                                                                        | CUSIP: 74988FAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $741675.23    | 0.01%             | 2040-04-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-LP2                                            | CUSIP: 05610HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1083886 | PA      | $1082192.24   | 0.01%             | 2039-02-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |      300000 | PA      | $336881.42    | 0.00%             | 2026-08-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-B                                          | CUSIP: 83206NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1322691 | PA      | $1331500.35   | 0.02%             | 2055-02-16      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                           | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1344144 | PA      | $1358425.44   | 0.02%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2023-20 Ltd                                                  | CUSIP: 117651AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $948572.50    | 0.01%             | 2036-07-15      | Floating      | 12.89%                | No            |                  2 | On Loan: No      |
| Vasco Finance                                           | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |      100000 | PA      | $114135.37    | 0.00%             | 2042-10-27      | Floating      | 6.35%                 | 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        |      930000 | OU      | $19369.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO III Ltd                                    | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |     5550000 | PA      | $5538900.00   | 0.06%             | 2035-10-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                          | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | MX        |      219000 | PA      | $203341.50    | 0.00%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                      | Panama Government International Bond                                             | CUSIP: 698299AV6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      634000 | PA      | $643510.00    | 0.01%             | 2026-01-29      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                             | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                     | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     1113347 | PA      | $1111654.75   | 0.01%             | 2028-05-12      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                  | Froneri Lux Finco Sarl 2024 EUR Term Loan B3                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     4000000 | PA      | $4490891.32   | 0.05%             | 2031-09-30      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-18460.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8476000 | PA      | $8412407.96   | 0.10%             | 2029-07-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     3089000 | PA      | $3085093.65   | 0.04%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2019-16 Ltd                                                              | CUSIP: 67570QAK7<br>LEI: 254900XAI48J82ID5O83 | Long             | ABS-CBDO         | CORP              | KY        |     4781243 | PA      | $4773620.32   | 0.05%             | 2033-04-10      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-43308.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $3502.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                          | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     1500000 | PA      | $2141519.49   | 0.02%             | 2033-02-28      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     2395000 | PA      | $2350699.69   | 0.03%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL CORP                                         | San Miguel Corp                                                                  | CUSIP: 000000000<br>LEI: 549300AGC9NFF12PHN68 | Long             | DBT              | CORP              | PH        |     1290000 | PA      | $1277100.00   | 0.01%             | 2025-07-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      777608 | PA      | $776878.53    | 0.01%             | 2039-02-15      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2600000 | PA      | $3645896.08   | 0.04%             | 2028-09-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                       | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |      172622 | PA      | $195139.71    | 0.00%             | 2038-07-20      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                          | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     1800000 | PA      | $2197163.57   | 0.03%             | 2031-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     3616000 | PA      | $3685519.79   | 0.04%             | 2032-07-06      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2020-III Ltd                                                        | CUSIP: 12560EAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     6620000 | PA      | $6620000.00   | 0.08%             | 2034-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: HUF 6.550000 19-MAR-2030 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   336356950 | OU      | $26318.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                         | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      647000 | PA      | $642304.59    | 0.01%             | 2028-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2023-PL1                                               | CUSIP: 64034UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      328153 | PA      | $333283.13    | 0.00%             | 2053-11-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     3010000 | PA      | $3121415.15   | 0.04%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wildwood Park CLO LTD                                   | Wildwood Park CLO Ltd                                                            | CUSIP: 968209AA4<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |     3000000 | PA      | $2999108.10   | 0.03%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                              | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     3900000 | PA      | $4080128.31   | 0.05%             | 2029-06-12      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |      519596 | PA      | $454027.76    | 0.01%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | GoldenTree Loan Management US CLO 23 Ltd                                         | CUSIP: 38139KAC3<br>LEI: 254900TP00US14X9AP48 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $3962474.00   | 0.05%             | 2039-01-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING AG                             | Nidda Healthcare Holding AG 2024 EUR Term Loan B2                                | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | LON              | CORP              | DE        |     2000000 | PA      | $2263820.49   | 0.03%             | 2030-02-21      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                             | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      463000 | PA      | $397254.00    | 0.00%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Elstree Funding                                         | Elstree Funding                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     1133776 | PA      | $1505254.15   | 0.02%             | 2065-01-21      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |       84657 | PA      | $84093.24     | 0.00%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     1395000 | PA      | $1423031.13   | 0.02%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Voya Euro CLO                                           | Voya Euro CLO IV DAC                                                             | CUSIP: 000000000<br>LEI: 549300H0DM0Z0GCEKC77 | Long             | ABS-CBDO         | CORP              | IE        |      500000 | PA      | $557255.91    | 0.01%             | 2034-10-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |      424000 | PA      | $561661.73    | 0.01%             | 2056-09-12      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      143000 | PA      | $141351.70    | 0.00%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: ZAR 7.970000 06-JUN-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    40149154 | OU      | $-17587.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     3897000 | PA      | $4495154.98   | 0.05%             | 2031-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DBWF Mortgage Trust                                     | DBWF 2024-LCRS Mortgage Trust                                                    | CUSIP: 23307KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $1988121.60   | 0.02%             | 2037-04-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                       | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3013000 | PA      | $2877036.72   | 0.03%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | GoldenTree Loan Management US CLO 22 Ltd                                         | CUSIP: 38139EAJ2<br>LEI: 254900AWFHWNFOUM2K51 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1972245.80   | 0.02%             | 2037-10-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-C                                          | CUSIP: 83206EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1765967 | PA      | $1753029.54   | 0.02%             | 2052-06-17      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                          | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-O            | CORP              | GB        |      560895 | PA      | $746326.52    | 0.01%             | 2057-03-22      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2021-R6                                                                | CUSIP: 12567RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6415327 | PA      | $5677296.46   | 0.07%             | 2061-07-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                        | THPT 2023-THL Mortgage Trust                                                     | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6627467 | PA      | $6715494.32   | 0.08%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-RCF4 LLC                                                               | CUSIP: 74448JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1634212 | PA      | $1596048.28   | 0.02%             | 2054-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2020-1 Ltd                                                           | CUSIP: 67402FAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $991073.30    | 0.01%             | 2038-01-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                                  | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |     2100000 | PA      | $2665734.66   | 0.03%             | 2027-11-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-2 Ltd                                                              | CUSIP: 92917JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      106763 | PA      | $106762.73    | 0.00%             | 2031-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Brignole CO                                             | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       70806 | PA      | $80731.42     | 0.00%             | 2042-02-24      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      600000 | PA      | $577764.30    | 0.01%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TONGYANGLIFEINSURANCECO                                 | Tongyang Life Insurance Co Ltd                                                   | CUSIP: 000000000<br>LEI: 9884007L6E9UAWKGCX42 | Long             | DBT              | CORP              | KR        |     4500000 | PA      | $4489923.60   | 0.05%             | 2035-05-07      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                         | Yum! Brands Inc                                                                  | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     2596000 | PA      | $2519553.64   | 0.03%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners Ltd                         | Octagon Investment Partners 18-R Ltd                                             | CUSIP: 67576FAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1149983 | PA      | $1148910.08   | 0.01%             | 2031-04-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 12.460000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    83710195 | OU      | $-511357.24   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                        | DT Midstream Inc                                                                 | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      334000 | PA      | $307626.78    | 0.00%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego Clo V DAC                                                                | CUSIP: 000000000<br>LEI: 549300RF10WJ1D9VYK55 | Long             | ABS-CBDO         | CORP              | IE        |     1560000 | PA      | $1713857.04   | 0.02%             | 2037-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      891000 | PA      | $907572.60    | 0.01%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      189000 | PA      | $191815.60    | 0.00%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro Finance DAC                | Last Mile Logistics Pan Euro Finance DAC                                         | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |     1871418 | PA      | $2089417.17   | 0.02%             | 2033-08-17      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                                | Allison Transmission Inc                                                         | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      213000 | PA      | $212845.38    | 0.00%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                          | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |      878000 | PA      | $875788.05    | 0.01%             | 2027-05-13      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Anticimex International AB                              | Anticimex International AB 2021 EUR Term Loan B2                                 | CUSIP: 000000000<br>LEI: 54930005SBU6WYFBEB41 | Long             | LON              | CORP              | SE        |     2000000 | PA      | $2255437.40   | 0.03%             | 2028-11-16      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CD4<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      236000 | PA      | $232209.98    | 0.00%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1592000 | PA      | $1635127.28   | 0.02%             | 2036-09-22      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2025-H2 Mortgage Trust                                                     | CUSIP: 22758PAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2090511 | PA      | $2076198.32   | 0.02%             | 2070-03-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXVII                                                                | CUSIP: 03769HAA5<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |     1815000 | PA      | $1815000.00   | 0.02%             | 2034-10-22      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| TK Elevator Holdco GmbH                                 | TK Elevator Holdco GmbH                                                          | CUSIP: 000000000<br>LEI: 2549008GCHWX9EEMIS56 | Long             | DBT              | CORP              | DE        |     2509200 | PA      | $2842775.91   | 0.03%             | 2028-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2020-PTB                                        | CUSIP: 78449DAC0<br>LEI: 549300164ZV2301BC703 | Long             | ABS-O            | CORP              | US        |     3463844 | PA      | $3446164.56   | 0.04%             | 2054-09-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                | Braccan Mortgage Funding 2024-1 PLC                                              | CUSIP: 000000000<br>LEI: 635400RGKRFPCFMYJF13 | Long             | ABS-MBS          | CORP              | GB        |      637732 | PA      | $848815.40    | 0.01%             | 2067-02-15      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2024-1 LLC                                            | CUSIP: 29375PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1405676 | PA      | $1416615.62   | 0.02%             | 2030-03-20      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| GLENCORE CAP FIN DAC                                    | Glencore Capital Finance DAC                                                     | CUSIP: 000000000<br>LEI: 213800HCUCI1HC7X6Q34 | Long             | DBT              | CORP              | IE        |     9143000 | PA      | $10688879.60  | 0.12%             | 2031-04-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                           | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      308483 | PA      | $308096.97    | 0.00%             | 2038-04-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2018-B                                      | CUSIP: 63940QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1113802 | PA      | $1113993.26   | 0.01%             | 2059-12-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 000000000<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     3831000 | PA      | $3781508.46   | 0.04%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3758580 | PA      | $3779131.06   | 0.04%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-1755260.46  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Aimco                                                   | AIMCO CLO 18 Ltd                                                                 | CUSIP: 00889EAW5<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $982637.60    | 0.01%             | 2037-07-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                          | PMT Loan Trust 2025-INV4                                                         | CUSIP: 73015DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3961260.00   | 0.05%             | 2056-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                             | Vistra Operations Co LLC                                                         | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      425000 | PA      | $423827.60    | 0.00%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                                | Svenska Handelsbanken AB                                                         | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |     2800000 | PA      | $3178103.36   | 0.04%             | 2027-03-08      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                   | Freedom Mortgage Corp                                                            | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      580000 | PA      | $578448.73    | 0.01%             | 2026-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bonds                   | Jordan Government International Bonds                                            | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      963000 | PA      | $959090.22    | 0.01%             | 2029-01-13      | Fixed         | 7.50%                 | 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      | $1184.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XXX Ltd                                                             | CUSIP: 89643EAA3<br>LEI: 254900TSX6348DURD845 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1474547.70   | 0.02%             | 2037-10-23      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 9.305000 09-JAN-2026 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   168220084 | OU      | $-81856.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2020-3 Mortgage Loan Trust                                                  | CUSIP: 12597QAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      106650 | PA      | $103792.57    | 0.00%             | 2065-04-27      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                        | Lamar Media Corp                                                                 | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      391000 | PA      | $353354.48    | 0.00%             | 2031-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: —       |
| Citibank NA                                             | PURCHASED USD / SOLD UYU                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-9656.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 23267000000 | PA      | $1388617.31   | 0.02%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                                | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4167000 | PA      | $3573390.43   | 0.04%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     2257000 | PA      | $2288844.01   | 0.03%             | 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        |     2186000 | PA      | $1910835.35   | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWP: OIS 11.830000 01-JUL-2025 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    11553099 | OU      | $-13266.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ODIDO HOLDING BV                                        | Odido Holding BV 2025 EUR Term Loan B2                                           | CUSIP: 000000000<br>LEI: 7245000O9YOLPPM9YB33 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2254145.95   | 0.03%             | 2029-03-30      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     1871000 | PA      | $1734392.12   | 0.02%             | 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        |     4800000 | PA      | $5619732.50   | 0.06%             | 2025-11-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2014-5 Ltd                                  | CUSIP: 14311AAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1148444 | PA      | $1148375.23   | 0.01%             | 2031-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Long Point Park CLO Ltd                                 | Long Point Park CLO Ltd                                                          | CUSIP: 542798AJ2<br>LEI: 549300639DPKTBUSCC77 | Long             | ABS-CBDO         | CORP              | KY        |     2400000 | PA      | $2376331.92   | 0.03%             | 2030-01-17      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                       | Ineos Finance PLC 2024 EUR Term Loan B1                                          | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2114284.23   | 0.02%             | 2031-02-07      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2017-A                                          | CUSIP: 78448WAC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |       18270 | PA      | $18275.51     | 0.00%             | 2034-09-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Restaurant Brands International Inc                     | Restaurant Brands International Inc 2021 EUR Term Loan                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     1000000 | PA      | $1118927.78   | 0.01%             | 2028-10-19      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                     | Affirm Master Trust                                                              | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1123000 | PA      | $1127158.47   | 0.01%             | 2033-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      739000 | PA      | $688286.13    | 0.01%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $3590.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2018-C46                                   | CUSIP: 95001QAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      660000 | PA      | $643406.41    | 0.01%             | 2051-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-872.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                        | CUSIP: 000000000<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     4500000 | PA      | $4385711.81   | 0.05%             | 2031-11-05      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-5                                                  | CUSIP: 03466EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11846697 | PA      | $11846646.06  | 0.14%             | 2070-04-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NG        |           1 | NC      | $-18688.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAC3<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |      320000 | PA      | $320353.82    | 0.00%             | 2037-04-21      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      143000 | PA      | $136685.82    | 0.00%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      200000 | PA      | $191600.00    | 0.00%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ST MARYS CEMENT INC                                     | St Marys Cement Inc Canada                                                       | CUSIP: 000000000<br>LEI: 5493009981WBHS86CJ89 | Long             | DBT              | CORP              | CA        |      200000 | PA      | $196700.00    | 0.00%             | 2034-04-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $321.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital CLO 4 Ltd                                                       | CUSIP: 25255NAQ1<br>LEI: 25490087B17FBD0ODC27 | Long             | ABS-CBDO         | CORP              | KY        |     1555000 | PA      | $1561761.14   | 0.02%             | 2037-01-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     1143000 | PA      | $897054.01    | 0.01%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| BEAUPARC                                                | Beauparc 2025 EUR Term Loan B                                                    | CUSIP: 000000000<br>LEI: 9845005DD58BDDC8D847 | Long             | LON              | CORP              | IE        |     3000000 | PA      | $3356069.64   | 0.04%             | 2028-08-24      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                 | Nationwide Building Society                                                      | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     5225000 | PA      | $6820138.97   | 0.08%             | 2030-12-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 9 Ltd                                                         | CUSIP: 67690AAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1984200.20   | 0.02%             | 2037-10-19      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                             | Eutelsat SA                                                                      | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |     1500000 | PA      | $1580718.41   | 0.02%             | 2027-07-13      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Series 2019-NQM1                                                            | CUSIP: 12655VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2683341 | PA      | $2647797.30   | 0.03%             | 2059-10-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1730000 | PA      | $1671293.83   | 0.02%             | 2037-07-23      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                                 | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |     1603000 | PA      | $1500007.25   | 0.02%             | 2027-09-28      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                 | Talen Energy Supply LLC                                                          | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |      560000 | PA      | $598060.55    | 0.01%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-CES2                                        | CUSIP: 10570PAA1<br>LEI: 2549009UFWL9U1TS6959 | Long             | ABS-MBS          | CORP              | US        |     4610528 | PA      | $4624480.82   | 0.05%             | 2054-09-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         715 | NC      | $2065859.47   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HT TROPLAST AG                                          | HT Troplast GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900Y2N2GAY3FXGP86 | Long             | DBT              | CORP              | DE        |     3937000 | PA      | $4499726.76   | 0.05%             | 2028-07-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     3943000 | PA      | $3762607.75   | 0.04%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| GS FINANCE CORP                                         | GS Finance Corp                                                                  | CUSIP: 40058GUK5<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |    17990000 | PA      | $18580971.50  | 0.21%             | 2030-02-14      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2076000 | PA      | $1931713.02   | 0.02%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      600000 | PA      | $595878.00    | 0.01%             | 2030-04-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                        | TUI Cruises GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1173955.99   | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | EFMT 2024-INV1                                                                   | CUSIP: 268434AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2306178 | PA      | $2341132.67   | 0.03%             | 2069-03-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2017-3                                                  | CUSIP: 46647SBA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      984948 | PA      | $884450.47    | 0.01%             | 2047-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $12848.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NPL1 Trust                                                              | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1809537 | PA      | $1813259.31   | 0.02%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LIX Ltd                                                     | CUSIP: 55822EAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2000000.20   | 0.02%             | 2037-04-18      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                             | RCKT Mortgage Trust 2024-CES3                                                    | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1609267 | PA      | $1632934.33   | 0.02%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Pierpont BTL                                            | Pierpont BTL 2024-1 PLC                                                          | CUSIP: 000000000<br>LEI: 6354004XBFL8EVVJME24 | Long             | ABS-MBS          | CORP              | GB        |     1406215 | PA      | $1872058.25   | 0.02%             | 2061-09-21      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAA1<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |     2238400 | PA      | $2238777.41   | 0.03%             | 2031-07-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                    | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6785863 | PA      | $6794381.37   | 0.08%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2731000 | PA      | $2742336.11   | 0.03%             | 2029-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                                   | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |      570000 | PA      | $563827.87    | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3320000 | PA      | $3333930.72   | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      128000 | PA      | $127072.00    | 0.00%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                                    | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3428377.23   | 0.04%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2015-1                                       | CUSIP: 64829CAD0<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |      466373 | PA      | $445391.93    | 0.01%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                     | Sounds Point CLO IV-R LTD                                                        | CUSIP: 83609YAC0<br>LEI: 549300HOEGQTNS4MTZ12 | Long             | ABS-CBDO         | CORP              | KY        |     1188100 | PA      | $1188099.80   | 0.01%             | 2031-04-18      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      458197 | PA      | $317301.42    | 0.00%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                       | Lithia Motors Inc                                                                | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     1488000 | PA      | $1381610.98   | 0.02%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     6865000 | PA      | $4490667.05   | 0.05%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |     7663000 | PA      | $7545734.64   | 0.09%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     3075000 | PA      | $3961118.30   | 0.05%             | 2030-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                         | Fair Isaac Corp                                                                  | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     3674000 | PA      | $3664317.17   | 0.04%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 7 Ltd                                                            | CUSIP: 82671EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000000.00   | 0.01%             | 2037-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                             | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2429026 | PA      | $1959855.84   | 0.02%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                        | Cinemark USA Inc                                                                 | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |      941000 | PA      | $923982.67    | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| MIRA Trust                                              | MIRA Trust 2023-MILE                                                             | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      103000 | PA      | $107699.27    | 0.00%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 64B-R Ltd                                             | CUSIP: 38180LAG0<br>LEI: 2549003ONNJ1D27UVJ28 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $969286.40    | 0.01%             | 2037-10-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Rainbow Finco Sa rl                                     | Rainbow Finco Sa rl EUR Term Loan B                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2234547.64   | 0.03%             | 2029-02-23      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     5466000 | PA      | $6104727.59   | 0.07%             | 2027-04-27      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Merit                                                   | MHP 2021-STOR                                                                    | CUSIP: 55293BAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      215000 | PA      | $213387.50    | 0.00%             | 2038-07-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      511000 | PA      | $522431.53    | 0.01%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      299000 | PA      | $302971.92    | 0.00%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1350000 | PA      | $1336081.64   | 0.02%             | 2038-01-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                                 | Virgin Media Vendor Financing Notes III DAC                                      | CUSIP: 000000000<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |     2687000 | PA      | $3364318.40   | 0.04%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      390000 | PA      | $385125.00    | 0.00%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-58577.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6924359 | PA      | $6942508.21   | 0.08%             | 2054-12-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Quarzo Srl                                              | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |     1036412 | PA      | $1173627.12   | 0.01%             | 2041-06-15      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| Point Au Roche Park CLO, Ltd                            | Point Au Roche Park CLO Ltd                                                      | CUSIP: 73052VAA3<br>LEI: 5493000RMLD359CPH591 | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $699694.94    | 0.01%             | 2034-07-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| IMCD NV                                                 | IMCD NV                                                                          | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | DBT              | CORP              | NL        |     2376000 | PA      | $2821250.52   | 0.03%             | 2028-09-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      204000 | PA      | $206939.22    | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $219000.00    | 0.00%             | 2031-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5444225 | PA      | $5437419.47   | 0.06%             | 2039-02-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4321000 | PA      | $4456342.66   | 0.05%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |      500000 | PA      | $662282.97    | 0.01%             | 2031-08-20      | Floating      | 11.42%                | 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        |     1786400 | OU      | $16836.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                  | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     1742000 | PA      | $1699275.36   | 0.02%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES L CLO Ltd                                                                   | CUSIP: 04018LAL9<br>LEI: 549300S7Y78W7UJHZZ39 | Long             | ABS-CBDO         | CORP              | KY        |     1660000 | PA      | $1660497.83   | 0.02%             | 2032-01-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                      | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      519000 | PA      | $495645.00    | 0.01%             | 2036-01-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-MTG1                                      | CUSIP: 585495BN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      517008 | PA      | $418291.57    | 0.00%             | 2051-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| IMCD NV                                                 | IMCD NV                                                                          | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | DBT              | CORP              | NL        |     5472000 | PA      | $6130217.76   | 0.07%             | 2027-03-31      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2023-1 Mortgage Loan Trust                                                  | CUSIP: 19688NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300181 | PA      | $300828.09    | 0.00%             | 2068-04-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAQ7<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      817000 | PA      | $488447.54    | 0.01%             | 2060-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN FINANCIAL SER                                | Volkswagen Financial Services AG                                                 | CUSIP: 000000000<br>LEI: 529900SSGT49ZZSWYE62 | Long             | DBT              | CORP              | DE        |     5999000 | PA      | $6900927.19   | 0.08%             | 2026-09-10      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $19844.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                        | Flatiron CLO 28 Ltd                                                              | CUSIP: 33884EAC5<br>LEI: 254900U51J2X527SRJ56 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $498778.70    | 0.01%             | 2036-07-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | 10Y RTR 3.500000 10-JUL-2025                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   104896000 | OU      | $1197221.06   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $6118.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACEN FINANCE LTD                                        | ACEN Finance Ltd                                                                 | CUSIP: 000000000<br>LEI: 54930080P6CVPPSROL50 | Long             | DBT              | CORP              | KY        |     1198000 | PA      | $772710.00    | 0.01%             | 2025-09-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                                     | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |     3286000 | PA      | $2091692.51   | 0.02%             | 2033-03-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                      | CUSIP: 438516BY1<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $4785181.01   | 0.05%             | 2032-03-10      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SAUDI ELECTRICITY SUKUK                                 | Saudi Electricity Sukuk Programme Co                                             | CUSIP: 000000000<br>LEI: 549300KZ4IZK3RMUO096 | Long             | DBT              | CORP              | KY        |      694000 | PA      | $700940.00    | 0.01%             | 2030-02-18      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                             | RCKT Mortgage Trust 2024-CES8                                                    | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6311842 | PA      | $6328567.02   | 0.07%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1080000 | PA      | $1056826.98   | 0.01%             | 2032-03-15      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| Dilosk RMBS                                             | Dilosk Rmbs NO 9 Dac                                                             | CUSIP: 000000000<br>LEI: 635400EER3OFDNYI7P30 | Long             | ABS-MBS          | CORP              | IE        |      550824 | PA      | $622484.74    | 0.01%             | 2063-01-25      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $34774.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KRONOS INTERNATIONAL INC                                | Kronos International Inc                                                         | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |     6963000 | PA      | $8329373.85   | 0.10%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     3490000 | PA      | $3358103.34   | 0.04%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO Ltd                                     | 522 Funding CLO 2020-6 Ltd                                                       | CUSIP: 33835AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $546998.05    | 0.01%             | 2034-10-23      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust               | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3                | CUSIP: 06427DAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      420000 | PA      | $408865.80    | 0.00%             | 2050-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                  | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     2001000 | PA      | $2060273.62   | 0.02%             | 2030-09-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     4416000 | PA      | $3912343.54   | 0.04%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |     2300000 | PA      | $2604256.01   | 0.03%             | 2034-10-18      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| AB CarVal Euro CLO                                      | AB Carval Euro CLO II-C DAC                                                      | CUSIP: 000000000<br>LEI: 6354004BYSUDKD9P4215 | Long             | ABS-CBDO         | CORP              | IE        |      730000 | PA      | $822566.70    | 0.01%             | 2037-02-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                     | Verisure Holding AB 2021 EUR Term Loan                                           | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | LON              | CORP              | SE        |     2000000 | PA      | $2255074.89   | 0.03%             | 2028-03-27      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2015-2                                              | CUSIP: 97652UAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      156120 | PA      | $143762.01    | 0.00%             | 2045-02-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5252000 | PA      | $5299052.67   | 0.06%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                       | PURCHASED EGP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | EG        |           1 | NC      | $34023.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-1                                                | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |     6077371 | PA      | $6083679.48   | 0.07%             | 2069-01-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                     | Station Casinos LLC 2024 Term Loan B                                             | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-03-14      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 65412JAU7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      200000 | PA      | $186850.00    | 0.00%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | FSWP: OIS 8.343000 17-SEP-2030 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        | 18894962755 | OU      | $-4919.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman CLO XX Ltd                                                      | CUSIP: 64130TBJ3<br>LEI: 549300NPF57YF6WBDP72 | Long             | ABS-CBDO         | CORP              | KY        |     1750000 | PA      | $1731287.95   | 0.02%             | 2039-04-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                 | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1632000 | PA      | $1524084.00   | 0.02%             | 2028-02-28      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-38 Ltd                                                              | CUSIP: 67120KAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2981820.60   | 0.03%             | 2038-01-21      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2023-AFC1 Trust                                                            | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2227933 | PA      | $2236480.58   | 0.03%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      526000 | PA      | $517133.55    | 0.01%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                                 | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1275000 | PA      | $1148006.18   | 0.01%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 55B LTD                                               | CUSIP: 38178LAA7<br>LEI: 254900ZZ9HHZTOQ1XK24 | Long             | ABS-CBDO         | CORP              | KY        |     3250000 | PA      | $3245730.15   | 0.04%             | 2034-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 3 LTD                                                         | CUSIP: 67112RBC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $750000.00    | 0.01%             | 2038-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2023-NQM3 Trust                                                              | CUSIP: 55286MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2698161 | PA      | $2723844.60   | 0.03%             | 2068-07-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4812000 | PA      | $4902037.33   | 0.06%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    52350000 | PA      | $895709.12    | 0.01%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      500000 | PA      | $492831.10    | 0.01%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                            | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      591000 | PA      | $599121.52    | 0.01%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                | FSWP: OIS 6.116000 18-DEC-2029 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  1511373049 | OU      | $345708.49    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2019-INV1 Trust                                                              | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      264713 | PA      | $255808.23    | 0.00%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran CAVU 2022-1 Ltd                                                         | CUSIP: 89623VAL5<br>LEI: 549300UZ4DECMUVOVS09 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4000000.00   | 0.05%             | 2037-10-22      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON GROUP                                      | CK Hutchison Group Telecom Finance SA                                            | CUSIP: 000000000<br>LEI: 254900OM17Q9YNDIUG82 | Long             | DBT              | CORP              | LU        |     3000000 | PA      | $2904805.19   | 0.03%             | 2034-10-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-2                                                  | CUSIP: 03466QAA1<br>LEI: 254900DKH168ZWJSMI96 | Long             | ABS-MBS          | CORP              | US        |     4332617 | PA      | $4345046.81   | 0.05%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd                                      | Elmwood CLO 29 Ltd                                                               | CUSIP: 29004HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1519663.95   | 0.02%             | 2037-04-20      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                            | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |      264000 | PA      | $249117.14    | 0.00%             | 2029-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ZIGGO BV                                                | Ziggo BV                                                                         | CUSIP: 000000000<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |     4953000 | PA      | $5128860.23   | 0.06%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1595000 | PA      | $1962069.20   | 0.02%             | 2027-12-07      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                        | Lamar Media Corp                                                                 | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3723000 | PA      | $3614758.99   | 0.04%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BNP PARIBAS SA                                          | SWP: OIS 12.155000 01-JUL-2025 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    47912627 | OU      | $-43487.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2018-1                                                   | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       37519 | PA      | $34647.52     | 0.00%             | 2043-06-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2025-AFC1 Trust                                                            | CUSIP: 403969AF5<br>LEI: 2549006ZK3R8WZLA9S73 | Long             | ABS-MBS          | CORP              | US        |     2285714 | PA      | $2289335.26   | 0.03%             | 2060-01-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     5213000 | PA      | $4910644.96   | 0.06%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2014-2                                              | CUSIP: 97652QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       98506 | PA      | $95044.10     | 0.00%             | 2044-09-20      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                            | Post CLO 2022-1 LTD                                                              | CUSIP: 73742YAC9<br>LEI: 5493007CUC7FI0ONIF25 | Long             | ABS-CBDO         | CORP              | KY        |     1805000 | PA      | $1802112.00   | 0.02%             | 2035-04-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                              | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |      971000 | PA      | $929288.95    | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING I BV                                     | Q-Park Holding I BV                                                              | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |     1229000 | PA      | $1427915.48   | 0.02%             | 2029-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXVII Ltd                                                  | CUSIP: 55817EBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $501894.40    | 0.01%             | 2037-04-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      300000 | PA      | $301239.00    | 0.00%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| PBF HOLDING CO LLC                                      | PBF HOLDING CO LLC                                                               | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2721000 | PA      | $2395015.22   | 0.03%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL2                                    | CUSIP: 36269MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      912370 | PA      | $883178.18    | 0.01%             | 2061-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Miltonia Mortgage Finance                               | Miltonia Mortgage Finance Srl                                                    | CUSIP: 000000000<br>LEI: 815600BC278905BA4594 | Long             | ABS-MBS          | CORP              | IT        |      200000 | PA      | $224695.46    | 0.00%             | 2062-04-28      | Floating      | 3.46%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-NQM2                                    | CUSIP: 64832BAC9<br>LEI: 213800Z6O4V4V96AU133 | Long             | ABS-MBS          | CORP              | US        |     6801480 | PA      | $6785270.77   | 0.08%             | 2064-09-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                        | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3100000 | PA      | $3065125.00   | 0.04%             | 2037-05-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Liberty Funding Pty Limited                             | Liberty Series 2024-1Auto                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |      307288 | PA      | $197018.12    | 0.00%             | 2032-05-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 2.415794 31-JAN-2030 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1418429 | OU      | $21129.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PLATEA BC BIDCO AB                                      | Platea BC Bidco AB EUR Term Loan                                                 | CUSIP: 000000000<br>LEI: 254900AWWXX5NUVV4A03 | Long             | LON              | CORP              | SE        |     1666667 | PA      | $1886611.49   | 0.02%             | 2031-04-03      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| CSN ISLANDS XI CORP                                     | CSN Inova Ventures                                                               | CUSIP: 000000000<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $186300.00    | 0.00%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CZ        |           1 | NC      | $20731.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LGENERGYSOLUTION                                        | LG Energy Solution Ltd                                                           | CUSIP: 000000000<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |     2500000 | PA      | $2480625.00   | 0.03%             | 2030-04-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1180000 | PA      | $1147038.00   | 0.01%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                                | Embraer Netherlands Finance BV                                                   | CUSIP: 000000000<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |      288000 | PA      | $306720.00    | 0.00%             | 2030-07-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      450000 | PA      | $469170.99    | 0.01%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2017-2 Ltd                                                    | CUSIP: 77340GAJ0<br>LEI: 549300G18KVCW7VUKI86 | Long             | ABS-CBDO         | CORP              | KY        |       39554 | PA      | $39553.68     | 0.00%             | 2029-10-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                          | CUSIP: 44891CDT7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     4500000 | PA      | $4455675.00   | 0.05%             | 2030-03-27      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                             | CUSIP: 19424WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1090401 | PA      | $1075313.60   | 0.01%             | 2055-07-26      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| EMPRESA NACIONAL DE TELE                                | Empresa Nacional de Telecomunicaciones SA                                        | CUSIP: 000000000<br>LEI: 529900N4SUIP0URJT330 | Long             | DBT              | CORP              | CL        |      773000 | PA      | $773000.00    | 0.01%             | 2026-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                            | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    11692315 | PA      | $279164.28    | 0.00%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     1092000 | PA      | $1055106.78   | 0.01%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                | BX Trust 2023-DELC                                                               | CUSIP: 05610DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5859000 | PA      | $5873647.50   | 0.07%             | 2038-05-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     3300000 | PA      | $3499444.63   | 0.04%             | 2031-02-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     3996000 | PA      | $3868510.42   | 0.04%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares LXVI CLO Ltd                                                                | CUSIP: 04019RAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      300000 | PA      | $301590.09    | 0.00%             | 2036-07-25      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     3588000 | PA      | $3471692.83   | 0.04%             | 2027-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                    | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     2015000 | PA      | $2049734.57   | 0.02%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |     6051000 | PA      | $7069778.89   | 0.08%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C37                                   | CUSIP: 95000PAG9<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |      440000 | PA      | $431276.87    | 0.00%             | 2049-12-15      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2022-3                                        | CUSIP: 31573EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5357044 | PA      | $5330993.43   | 0.06%             | 2067-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2025-4 Mortgage Loan Trust                                                  | CUSIP: 12674HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    12915403 | PA      | $13032464.98  | 0.15%             | 2070-04-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAP4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     1035000 | PA      | $974925.78    | 0.01%             | 2055-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 6 Ltd                                                                    | CUSIP: 75010KAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3000000.00   | 0.03%             | 2037-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4201000 | PA      | $4251069.62   | 0.05%             | 2059-10-27      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                    | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |     1000000 | PA      | $1073228.59   | 0.01%             | 2026-10-13      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR 2023-STON Mortgage Trust                                                     | CUSIP: 05593GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1250000 | PA      | $1309680.38   | 0.02%             | 2039-12-05      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                   | Freedom Mortgage Corp                                                            | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     3947000 | PA      | $4231535.28   | 0.05%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| METHANEX CORP                                           | Methanex Corp                                                                    | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |       80000 | PA      | $75984.66     | 0.00%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1991200.00   | 0.02%             | 2032-08-08      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                               | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1900000 | PA      | $2063521.19   | 0.02%             | 2035-03-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-2 Mortgage Loan Trust                                                  | CUSIP: 12665LAA2<br>LEI: 213800Z2Q6LED8DB8K38 | Long             | ABS-MBS          | CORP              | US        |       53330 | PA      | $53661.78     | 0.00%             | 2069-04-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                          | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |      815995 | PA      | $1087628.73   | 0.01%             | 2056-10-21      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XI Ltd                                      | Elmwood CLO XI Ltd                                                               | CUSIP: 29002LAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1115000 | PA      | $1104296.11   | 0.01%             | 2038-01-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                           | BLP Commercial Mortgage Trust 2023-IND                                           | CUSIP: 055531AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1160000 | PA      | $1148769.23   | 0.01%             | 2040-03-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                            | CUSIP: 91087BAE0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      300000 | PA      | $292837.50    | 0.00%             | 2028-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |      200000 | PA      | $197052.00    | 0.00%             | 2025-06-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      366000 | PA      | $360029.30    | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                      | Ally Financial Inc                                                               | CUSIP: 000000000<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |       80000 | PA      | $76182.35     | 0.00%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     4248000 | PA      | $3787883.83   | 0.04%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                               | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |     4508000 | PA      | $5362234.62   | 0.06%             | 2029-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     4500000 | PA      | $4283730.00   | 0.05%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXI CLO Ltd                                                               | CUSIP: 36320WAL0<br>LEI: 549300BW4412X0TZDD77 | Long             | ABS-CBDO         | CORP              | KY        |      816442 | PA      | $816029.91    | 0.01%             | 2031-04-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                      | Wind River 2014-1 CLO Ltd                                                        | CUSIP: 88432CBB1<br>LEI: 549300AMLFWC1VCUN251 | Long             | ABS-CBDO         | CORP              | KY        |       36348 | PA      | $36344.39     | 0.00%             | 2031-07-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $537.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                       | Generate CLO 4 Ltd                                                               | CUSIP: 37148BAC4<br>LEI: 549300HNXZUJB12SQJ60 | Long             | ABS-CBDO         | CORP              | KY        |     1125000 | PA      | $1125000.00   | 0.01%             | 2037-07-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NQM2 Trust                                                              | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |     6962976 | PA      | $6952764.95   | 0.08%             | 2069-08-25      | Variable      | 5.27%                 | 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        |     2400000 | PA      | $2693012.24   | 0.03%             | 2030-04-30      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                      | Whitebox Clo I Ltd                                                               | CUSIP: 96467FAU4<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |     5835000 | PA      | $5820412.50   | 0.07%             | 2036-07-24      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 12.210000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     3427790 | OU      | $16080.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                | Banco de Credito e Inversiones SA                                                | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |      400000 | PA      | $414500.00    | 0.00%             | 2029-05-08      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                           | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       71272 | PA      | $95396.88     | 0.00%             | 2033-04-21      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                      | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1429010.54   | 0.02%             | 2029-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                    | OHA Loan Funding 2015-1 Ltd                                                      | CUSIP: 67109BDC5<br>LEI: 25490072LQI0R2J4XC93 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2496382.00   | 0.03%             | 2037-01-19      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-D                                 | CUSIP: 63941HAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | PA      | $87895.95     | 0.00%             | 2069-05-15      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 000000000<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     1890000 | PA      | $2047016.65   | 0.02%             | 2030-05-18      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132051.19    | 0.00%             | 2056-09-12      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2025-1                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      194000 | PA      | $258838.43    | 0.00%             | 2033-04-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TR        |           1 | NC      | $2340.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARENTZ INTERNATIONAL BV                                | Barentz International BV 2025 EUR Term Loan B                                    | CUSIP: 000000000<br>LEI: 724500AZGYS4MR4QTG96 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2226685.65   | 0.03%             | 2031-03-03      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES                                   | MAF Global Securities Ltd                                                        | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $199812.00    | 0.00%             | 2026-03-20      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-2745740.15  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | TRK 2022-INV2 Trust                                                              | CUSIP: 87265XAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1474839 | PA      | $1403581.70   | 0.02%             | 2057-06-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                             | ProGroup AG                                                                      | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |     5917000 | PA      | $6469206.14   | 0.07%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2024-INV1                                                 | CUSIP: 816939AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6193049 | PA      | $6134989.45   | 0.07%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2025-I1                                                                | CUSIP: 12571DAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3560870 | PA      | $3602159.71   | 0.04%             | 2069-10-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     3299000 | PA      | $2775703.45   | 0.03%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-114892.00   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1811388 | PA      | $1808611.45   | 0.02%             | 2026-09-01      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                            | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     5400000 | PA      | $6201506.92   | 0.07%             | 2027-10-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |           1 | NC      | $76336.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital Clo 2 Ltd                                                       | CUSIP: 25255LAS1<br>LEI: 2549008BUJNKS7JJUU65 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3000115.20   | 0.03%             | 2037-10-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                    | New Mountain CLO 2 Ltd                                                           | CUSIP: 64754LAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2999494.80   | 0.03%             | 2038-01-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2023-NQM1 Trust                                                            | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7237490 | PA      | $7233886.51   | 0.08%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2017-14 Ltd                                                              | CUSIP: 67097QAS4<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |      680000 | PA      | $677620.00    | 0.01%             | 2037-07-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                                    | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      850000 | PA      | $845863.48    | 0.01%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      364000 | PA      | $350157.08    | 0.00%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                              | Clover CLO 2021-2 LLC                                                            | CUSIP: 00142DAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249494.95    | 0.00%             | 2034-07-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     1568000 | PA      | $1642036.26   | 0.02%             | 2029-01-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BOBL FUTURE JUN25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -330 | NC      | $-478135.42   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2020-2 Ltd                                                              | CUSIP: 92918HAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999327.90    | 0.01%             | 2038-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                                     | Crown Point CLO 8 Ltd                                                            | CUSIP: 22846BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249484.80    | 0.00%             | 2034-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWP: OIS 14.030000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |     8079225 | OU      | $34711.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                                    | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     1359000 | PA      | $1302790.94   | 0.01%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      629000 | PA      | $529618.00    | 0.01%             | 2032-05-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | BR        |           1 | NC      | $178927.11    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-117495.70   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                                     | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      188000 | PA      | $186343.74    | 0.00%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     3394000 | PA      | $3378367.58   | 0.04%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| GoldenTree Loan Management US CLO, LTD                  | GoldenTree Loan Management US CLO 20 Ltd                                         | CUSIP: 38139MAC9<br>LEI: 984500CF2B1A04F63R63 | Long             | ABS-CBDO         | CORP              | JE        |      722000 | PA      | $722494.86    | 0.01%             | 2037-07-20      | Floating      | 5.72%                 | 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      | $206.50       | 0.00%             |  |  |  | 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        |     8847000 | PA      | $8051056.91   | 0.09%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| FEDRIGONI SPA                                           | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |    11044000 | PA      | $12120226.03  | 0.14%             | 2031-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 28 LTD                                                                   | CUSIP: 00120WAC8<br>LEI: 2549006PN3V33YGKK115 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1000307.70   | 0.01%             | 2037-01-21      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Red & Black Auto Italy                                  | Red & Black Auto Italy Srl                                                       | CUSIP: 000000000<br>LEI: 8156003B1C9DCDE30892 | Long             | ABS-O            | CORP              | IT        |      949856 | PA      | $1076397.34   | 0.01%             | 2036-07-28      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     1351000 | PA      | $1387044.68   | 0.02%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2023-1 Ltd                                                           | CUSIP: 67389DAJ0<br>LEI: 254900WZ1Z6PQ6U3P013 | Long             | ABS-CBDO         | CORP              | JE        |     2775000 | PA      | $2775000.00   | 0.03%             | 2036-04-15      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| A2A SPA                                                 | A2A SpA                                                                          | CUSIP: 000000000<br>LEI: 81560076E3944316DB24 | Long             | DBT              | CORP              | IT        |     3805000 | PA      | $4390904.20   | 0.05%             | 2029-06-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-A                                 | CUSIP: 63941BAB1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |       40982 | PA      | $40592.93     | 0.00%             | 2043-01-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| INTELSAT JACKSON HLDG                                   | Intelsat Jackson Holdings SA                                                     | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |     4500000 | PA      | $4426280.10   | 0.05%             | 2030-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| INEOS QUATTRO HOLDINGS UK LTD                           | INEOS Quattro Holdings UK Ltd 2023 EUR 1st Lien Term Loan B                      | CUSIP: 000000000<br>LEI: 213800HKSMBSJQ32CA45 | Long             | LON              | CORP              | GB        |     3000000 | PA      | $3061891.02   | 0.04%             | 2029-04-02      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                     | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     6800000 | PA      | $7788921.85   | 0.09%             | 2029-11-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                        | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     8598000 | PA      | $6784639.84   | 0.08%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: —       |
| EDGE FINCO PLC                                          | Edge Finco PLC 2025 EUR Term Loan B                                              | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | LON              | CORP              | GB        |     2000000 | PA      | $2246283.97   | 0.03%             | 2031-08-22      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                | OZLM XVIII Ltd                                                                   | CUSIP: 67112GAA6<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |     1489275 | PA      | $1489274.89   | 0.02%             | 2031-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-10351909.78 | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $14.56        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES          | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |      100000 | NS      | $100000.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                                | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |     1960000 | PA      | $1945907.60   | 0.02%             | 2029-04-25      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                 | Belron Finance 2019 LLC 2024 USD Term Loan B                                     | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2952165 | PA      | $2940267.78   | 0.03%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                  | Canyon Capital CLO 2023-1 Ltd                                                    | CUSIP: 138927AJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $251661.45    | 0.00%             | 2036-10-15      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     5616000 | PA      | $5282417.41   | 0.06%             | 2029-12-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| Bally's Corporation                                     | Bally's Corporation 2021 Term Loan B                                             | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |     1725623 | PA      | $1488349.92   | 0.02%             | 2028-10-02      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXVI Ltd                                                   | CUSIP: 55819PBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $247877.23    | 0.00%             | 2035-04-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $50103.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Winchester PLC                                          | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $131849.02    | 0.00%             | 2056-10-21      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     4450000 | PA      | $4367277.17   | 0.05%             | 2029-09-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| ORSTED A/S                                              | Orsted AS                                                                        | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |      375000 | PA      | $425073.83    | 0.00%             | 2099-12-31      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $45025.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     3862000 | PA      | $3386958.55   | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| FirstEnergy Corp                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |      711000 | PA      | $591897.24    | 0.01%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                               | Emera Inc                                                                        | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     1726000 | PA      | $1728336.16   | 0.02%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-HYB1                                               | CUSIP: 46651FAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1768757 | PA      | $1775234.95   | 0.02%             | 2049-10-25      | Variable      | 3.00%                 | 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        |     4432000 | PA      | $5026718.01   | 0.06%             | 2032-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HOMEVI SAS                                              | HomeVi SaS 2024 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 9695001URJB6VUATPK20 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2250702.08   | 0.03%             | 2029-10-31      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corportation Trust 2021-IP                                | CUSIP: 36262MAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6370000 | PA      | $6310463.43   | 0.07%             | 2036-10-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2738125 | PA      | $2727856.92   | 0.03%             | 2039-12-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| SAIF Securitization Trust                               | SAIF Securitization Trust 2024-CES1                                              | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3202397 | PA      | $3212037.85   | 0.04%             | 2054-07-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2153000 | PA      | $2147290.03   | 0.02%             | 2034-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-2                                                  | CUSIP: 034942AA0<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-MBS          | CORP              | US        |     1594188 | PA      | $1602992.80   | 0.02%             | 2069-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     4725000 | PA      | $5257172.64   | 0.06%             | 2031-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER                                   | Clean Renewable Power Mauritius Pte Ltd                                          | CUSIP: 000000000<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |     3622500 | PA      | $3476875.50   | 0.04%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-808638.12   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      927000 | PA      | $925099.37    | 0.01%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      494000 | PA      | $508994.38    | 0.01%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-LTV1                                               | CUSIP: 465976AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      208853 | PA      | $182800.41    | 0.00%             | 2052-07-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Jubilee Place                                           | Jubilee Place 7 BV                                                               | CUSIP: 000000000<br>LEI: 724500E73QDBSXZ44959 | Long             | ABS-MBS          | CORP              | NL        |     1246000 | PA      | $1406170.74   | 0.02%             | 2062-09-18      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $270.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     5000000 | PA      | $6195559.45   | 0.07%             | 2028-06-21      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XVI LTD                     | Octagon Investment Partners XVI Ltd                                              | CUSIP: 67590BAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1024081 | PA      | $1023379.59   | 0.01%             | 2030-07-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2021-1                                        | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      788079 | PA      | $783232.85    | 0.01%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1801000 | PA      | $1843777.35   | 0.02%             | 2032-08-20      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      238000 | PA      | $183781.22    | 0.00%             | 2029-05-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | TRESTLES CLO III LTD                                                             | CUSIP: 89532RAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $995410.00    | 0.01%             | 2037-10-20      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |           1 | NC      | $202962.82    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BELL CANADA                                             | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     2127000 | PA      | $2110709.73   | 0.02%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     4340000 | PA      | $4459223.40   | 0.05%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Canyon Capital CLO Ltd                                  | Canyon CLO 2018-1 Ltd                                                            | CUSIP: 13877BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      531271 | PA      | $531257.06    | 0.01%             | 2031-07-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3094000 | PA      | $3167807.37   | 0.04%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XX Ltd                                               | CUSIP: 08182FAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249600.03    | 0.00%             | 2034-07-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| BETCLIC EVEREST GROUP                                   | Betclic Everest Group EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 96950037FKVH5JOEKU82 | Long             | LON              | CORP              | FR        |     2590909 | PA      | $2920847.94   | 0.03%             | 2031-12-10      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2015-2                                              | CUSIP: 97652UAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      390301 | PA      | $359405.04    | 0.00%             | 2045-02-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                                 | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2123000 | PA      | $2131583.29   | 0.02%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |           1 | NC      | $12160.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     1499000 | PA      | $1504607.52   | 0.02%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |      182000 | PA      | $242666.27    | 0.00%             | 2057-01-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XVIII Ltd                                                           | CUSIP: 89640LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999278.90    | 0.01%             | 2035-01-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      324000 | PA      | $315011.47    | 0.00%             | 2030-04-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                           | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       71272 | PA      | $94722.31     | 0.00%             | 2033-04-21      | Floating      | 6.07%                 | 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      | $249500.13    | 0.00%             | 2032-10-17      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| SCF Rahoituspalvelut DAC                                | SCF Rahoituspalvelut XIII DAC                                                    | CUSIP: 000000000<br>LEI: 875500BJTX1DZ2QIPK23 | Long             | ABS-O            | CORP              | IE        |      100000 | PA      | $112951.88    | 0.00%             | 2034-06-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 14.580000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     2841089 | OU      | $6108.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FABBRICA ITA SINTETICI                                  | FIS Fabbrica Italiana Sintetici SpA                                              | CUSIP: 000000000<br>LEI: 8156004D7056C63EC525 | Long             | DBT              | CORP              | IT        |     3175000 | PA      | $3593779.06   | 0.04%             | 2027-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding V CLO Ltd                                                          | CUSIP: 15032AAN7<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |      340312 | PA      | $340288.13    | 0.00%             | 2031-07-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PFV2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     8050000 | PA      | $8123880.49   | 0.09%             | 2030-02-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     1485000 | PA      | $1485335.61   | 0.02%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2023-NQM4 Trust                                                              | CUSIP: 55286LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2337810 | PA      | $2353570.09   | 0.03%             | 2068-12-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | PETROLEOS MEXICANOS                                                              | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    10281000 | PA      | $10075380.00  | 0.12%             | 2026-03-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mortgage Trust               | TCO Commercial Mortgage Trust 2024-DPM                                           | CUSIP: 87231EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7309000 | PA      | $7254182.50   | 0.08%             | 2039-12-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Thayer Park CLO, Ltd.                                   | Thayer Park CLO Ltd                                                              | CUSIP: 883310AL8<br>LEI: 5493000PRLDBEVKBE571 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999521.20    | 0.01%             | 2034-04-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                 | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      595000 | PA      | $578203.41    | 0.01%             | 2027-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        9590 | NC      | $11346658.84  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |      100000 | PA      | $113029.48    | 0.00%             | 2039-11-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2021-2                                                  | CUSIP: 03465DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3927160 | PA      | $3396172.83   | 0.04%             | 2066-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| FRESSNAPF HOLDING SE                                    | Fressnapf Holding SE                                                             | CUSIP: 000000000<br>LEI: 529900NLSO3VLFW8JQ35 | Long             | DBT              | CORP              | DE        |     3685000 | PA      | $4206009.41   | 0.05%             | 2031-10-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     1056000 | PA      | $177936.00    | 0.00%             | 2026-11-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                        | SoFi Consumer Loan Program 2025-1 Trust                                          | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    10413839 | PA      | $10424750.51  | 0.12%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5670251 | PA      | $5161212.00   | 0.06%             | 2053-01-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      250754 | PA      | $204129.43    | 0.00%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2022-3                                    | CUSIP: 92257BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2087654 | PA      | $2021143.88   | 0.02%             | 2052-06-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receivables Trust                | GM Financial Revolving Receivables Trust 2024-2                                  | CUSIP: 379925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2400000 | PA      | $2413008.24   | 0.03%             | 2037-03-11      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 11 Ltd                                         | CUSIP: 38138RAJ4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1132298.40   | 0.01%             | 2034-10-20      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2017-14 Ltd                                                              | CUSIP: 67097QAY1<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |     1260000 | PA      | $1216358.39   | 0.01%             | 2037-07-20      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                            | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2440000 | PA      | $2461737.47   | 0.03%             | 2040-04-13      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                              | CUSIP: 715638DP4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      392000 | PA      | $308994.00    | 0.00%             | 2032-12-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     3037000 | PA      | $3093761.53   | 0.04%             | 2029-02-01      | Fixed         | 9.25%                 | 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        |   129270327 | OU      | $355683.27    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                  | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     2714000 | PA      | $2593867.23   | 0.03%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Maricopa County Industrial Development Authority        | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     1330000 | PA      | $1385679.85   | 0.02%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4819000 | PA      | $4815029.14   | 0.06%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Voya CLO Ltd                                            | Voya CLO 2019-1 Ltd                                                              | CUSIP: 92917NAW8<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $5000000.00   | 0.06%             | 2037-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |      508000 | PA      | $511495.04    | 0.01%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     3168000 | PA      | $3094745.70   | 0.04%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| Galaxy CLO Ltd                                          | Galaxy 32 CLO Ltd                                                                | CUSIP: 362943AG7<br>LEI: 391200J1K1EF617W8568 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1505325.30   | 0.02%             | 2036-10-20      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2014-1 Ltd                                                              | CUSIP: 92915PAH8<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |     1567832 | PA      | $1568322.34   | 0.02%             | 2031-04-18      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                  | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      481000 | PA      | $435320.20    | 0.01%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                             | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      289000 | PA      | $272786.61    | 0.00%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| DANA FINANCING LUX SARL                                 | Dana Financing Luxembourg Sarl                                                   | CUSIP: 000000000<br>LEI: 222100DKCE3D036DQU13 | Long             | DBT              | CORP              | LU        |     2411000 | PA      | $2949978.86   | 0.03%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program LLC                          | ELFI Graduate Loan Program 2023-A LLC                                            | CUSIP: 28628DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      331683 | PA      | $348066.12    | 0.00%             | 2048-02-04      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                    | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |     1500000 | PA      | $1803057.34   | 0.02%             | 2030-02-03      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| HEATHROW FINANCE PLC                                    | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |     1391000 | PA      | $1671213.21   | 0.02%             | 2029-09-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      351000 | PA      | $355117.60    | 0.00%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| ASBURY AUTOMOTIVE GROUP                                 | Asbury Automotive Group Inc                                                      | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     2018000 | PA      | $1887223.51   | 0.02%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     2960000 | PA      | $2805194.37   | 0.03%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                | Sri Lanka Government International Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       30000 | PA      | $24421.88     | 0.00%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                        | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      246766 | PA      | $246243.90    | 0.00%             | 2027-03-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| RCS & RDS SA                                            | RCS & RDS SA                                                                     | CUSIP: 000000000<br>LEI: 3157008PTGOXBWZDVF10 | Long             | DBT              | CORP              | RO        |     2500000 | PA      | $2779023.91   | 0.03%             | 2028-02-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-HX1                          | CUSIP: 617942AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3303711 | PA      | $3303657.81   | 0.04%             | 2070-03-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1791081 | PA      | $1757766.89   | 0.02%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| ELFI Graduate Loan Program LLC                          | ELFI Graduate Loan Program 2024-A LLC                                            | CUSIP: 28627LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5468288 | PA      | $5557767.01   | 0.06%             | 2049-08-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                 | XPO Inc                                                                          | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      798000 | PA      | $816991.60    | 0.01%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                   | Silver Point Clo 8 Ltd                                                           | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2981205.30   | 0.03%             | 2038-04-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2019-C50                                   | CUSIP: 95001XBC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      870000 | PA      | $828714.32    | 0.01%             | 2052-05-15      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | Oak Hill Credit Partners X-R Ltd                                                 | CUSIP: 67707CBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2980500.00   | 0.03%             | 2038-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL2 Trust                                                             | CUSIP: 69392LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1267829 | PA      | $1219284.08   | 0.01%             | 2064-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2015-C31                                   | CUSIP: 94989WAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      450000 | PA      | $444054.47    | 0.01%             | 2048-11-15      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3449000 | PA      | $3461223.26   | 0.04%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     1404000 | PA      | $1896723.62   | 0.02%             | 2035-02-17      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 11.573000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     8419828 | OU      | $56603.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $15184.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1812807 | PA      | $1805441.24   | 0.02%             | 2037-02-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation                    | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |      929048 | PA      | $1239654.15   | 0.01%             | 2056-09-12      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                | Turk Telekomunikasyon AS                                                         | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |      200000 | PA      | $200387.50    | 0.00%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-19309.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Auto ABS                                                | Auto ABS Spanish Loans 2024-1 FT                                                 | CUSIP: 000000000<br>LEI: 9598007LTXPL84RD7W58 | Long             | ABS-O            | CORP              | ES        |      373989 | PA      | $422924.76    | 0.00%             | 2038-09-28      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-3 Ltd                                                     | CUSIP: 69688FAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $500000.00    | 0.01%             | 2035-01-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS Mortgage Trust 2025-5C34                                                   | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6649000 | PA      | $6905871.48   | 0.08%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2023-A                                                     | CUSIP: 00218GAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2492000 | PA      | $2539240.10   | 0.03%             | 2032-02-17      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| APCOA HOLDINGS GMBH                                     | APCOA Group GmbH/Germany                                                         | CUSIP: 000000000<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |     3000000 | PA      | $3414239.25   | 0.04%             | 2031-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-452.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-6918.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     2009000 | PA      | $1733930.53   | 0.02%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |      100000 | PA      | $113853.18    | 0.00%             | 2034-03-21      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H6 Mortgage Trust                                                     | CUSIP: 227919AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7530547 | PA      | $7499000.00   | 0.09%             | 2069-09-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2024-A                                 | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5399534 | PA      | $5510024.25   | 0.06%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 32 LTD /old                                                                   | CUSIP: 74988CAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249907.85    | 0.00%             | 2039-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: PLN 5.140000 19-MAR-2027 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    22390553 | OU      | $-94638.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248374.95    | 0.00%             | 2037-07-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261ABA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3081112 | PA      | $3063517.82   | 0.04%             | 2054-10-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.123000 18-DEC-2029 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  1511373049 | OU      | $351147.07    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     5249000 | PA      | $5444488.51   | 0.06%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      341000 | PA      | $312441.25    | 0.00%             | 2036-04-01      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     1381000 | PA      | $1364393.61   | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| TACKLE SARL                                             | Tackle SARL 2025 EUR Repriced Term Loan B2                                       | CUSIP: 000000000<br>LEI: 222100DLH8KKOD63ZQ23 | Long             | LON              | CORP              | LU        |     3000000 | PA      | $3380029.43   | 0.04%             | 2028-05-22      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                            | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      200000 | PA      | $175600.00    | 0.00%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Trust 2015-5                                                           | CUSIP: 46644XAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      961221 | PA      | $956230.27    | 0.01%             | 2045-05-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 74 B Ltd                                              | CUSIP: 38190BAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      950000 | PA      | $947720.19    | 0.01%             | 2037-07-25      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                       | Corp. Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     1081000 | PA      | $990801.36    | 0.01%             | 2030-01-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                               | CUSIP: 92857WBV1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     3006000 | PA      | $2899059.15   | 0.03%             | 2081-06-04      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KP Germany Erste GmbH                                   | KP Germany Erste GmbH 2021 EUR Term Loan B                                       | CUSIP: 49865NAU4<br>LEI: 529900XJNR9VFZXAOS85 | Long             | LON              | CORP              | DE        |     3583833 | PA      | $3638727.55   | 0.04%             | 2026-02-12      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |           1 | NC      | $9439.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISOURCE INC                                            | NiSource Inc                                                                     | CUSIP: 65473PAU9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      112000 | PA      | $109733.47    | 0.00%             | 2055-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      191000 | PA      | $32183.50     | 0.00%             | 2024-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAF7<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2012159.40   | 0.02%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     7955000 | PA      | $7917129.43   | 0.09%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-1                                                  | CUSIP: 46650HAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       21562 | PA      | $20590.63     | 0.00%             | 2049-05-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-MDHS                                           | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6632197 | PA      | $6628051.63   | 0.08%             | 2041-05-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP                                      | Baytex Energy Corp                                                               | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |      593000 | PA      | $511263.52    | 0.01%             | 2032-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2023-1 LLC                                            | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1110108 | PA      | $1113422.14   | 0.01%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2021-STAR                                      | CUSIP: 36264LAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1414000 | PA      | $1402927.11   | 0.02%             | 2036-12-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     2320000 | PA      | $2556922.91   | 0.03%             | 2030-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                   | Silver Point CLO 7 LTD                                                           | CUSIP: 82808UAA3<br>LEI: 254900UZNMKMPK9GWJ82 | Long             | ABS-CBDO         | CORP              | KY        |     3170000 | PA      | $3169082.60   | 0.04%             | 2038-01-15      | Floating      | 5.64%                 | 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        |     1468000 | PA      | $1488914.83   | 0.02%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      746000 | PA      | $687705.40    | 0.01%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                 | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      760000 | PA      | $771400.00    | 0.01%             | 2029-02-28      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Ziggo BV                                                | Ziggo BV 2019 EUR Term Loan H                                                    | CUSIP: 000000000<br>LEI: 213800TQASLF9JXH5J59 | Long             | LON              | CORP              | NL        |     3000000 | PA      | $3287758.76   | 0.04%             | 2029-01-31      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV 2025 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | LON              | CORP              | NL        |     2017241 | PA      | $2265762.74   | 0.03%             | 2031-05-23      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                          | Bombardier Inc                                                                   | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     2266000 | PA      | $2271529.04   | 0.03%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-LBA                                                                | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4300000 | PA      | $4262375.00   | 0.05%             | 2036-02-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $604505.61    | 0.01%             | 2029-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                            | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3250000 | PA      | $3273211.83   | 0.04%             | 2040-04-13      | Variable      | 7.98%                 | No            |                  2 | On Loan: No      |
| Bayswater Park CLO Ltd                                  | Bayswater Park CLO Ltd                                                           | CUSIP: 072929AA0<br>LEI: 254900BXH0PMWI87VS84 | Long             | ABS-CBDO         | CORP              | JE        |     1250000 | PA      | $1252308.88   | 0.01%             | 2037-01-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                       | Polaris Newco LLC EUR Term Loan B                                                | CUSIP: 73108RAC2<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     1994832 | PA      | $2098470.86   | 0.02%             | 2028-06-02      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-B LLC                                             | CUSIP: 19425AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      840933 | PA      | $828326.13    | 0.01%             | 2052-06-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| HOLDING SOCOTEC                                         | Holding Socotec 2025 EUR Term Loan B                                             | CUSIP: 000000000<br>LEI: 969500TSHWNDZONA3M83 | Long             | LON              | CORP              | FR        |     2937500 | PA      | $3311109.64   | 0.04%             | 2028-06-02      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                                   | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4186000 | PA      | $4352330.71   | 0.05%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| PARKLAND CORP                                           | Parkland Corp                                                                    | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |      375000 | PA      | $353538.53    | 0.00%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                      | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     1645000 | PA      | $1504836.95   | 0.02%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                        | Boyd Gaming Corp                                                                 | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     2231000 | PA      | $2079927.84   | 0.02%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAC7<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |      640000 | PA      | $640704.00    | 0.01%             | 2031-07-18      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                       | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     2638000 | PA      | $2616376.31   | 0.03%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK GREECE SA                                 | National Bank of Greece SA                                                       | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |     3700000 | PA      | $4458590.35   | 0.05%             | 2035-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM3                                        | CUSIP: 10569LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1204346 | PA      | $1213375.33   | 0.01%             | 2064-03-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                        | MGM Resorts International                                                        | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      880000 | PA      | $876018.26    | 0.01%             | 2029-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |      600000 | PA      | $684290.88    | 0.01%             | 2034-03-21      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      413000 | PA      | $402881.50    | 0.00%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HJ6X0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5751230 | PA      | $5759929.20   | 0.07%             | 2055-02-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      921000 | PA      | $913142.49    | 0.01%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| OneMain Financial Issuance Trust                        | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3710000 | PA      | $3826200.17   | 0.04%             | 2041-05-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                     | Sandstone Peak Ltd                                                               | CUSIP: 800130AS5<br>LEI: 5493000VXRKO2Z5KET86 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1995000.20   | 0.02%             | 2034-10-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                   | Freedom Mortgage Corp                                                            | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      500000 | PA      | $496245.30    | 0.01%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                                | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |      939000 | PA      | $939668.57    | 0.01%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AZELIS FINANCE NV                                       | Azelis Finance NV                                                                | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |     1000000 | PA      | $1150885.49   | 0.01%             | 2029-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      241000 | PA      | $224696.35    | 0.00%             | 2028-02-21      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| BELLIS FINCO PLC                                        | Bellis Finco PLC                                                                 | CUSIP: 000000000<br>LEI: 259400ELWH6Z4ICFTD70 | Long             | DBT              | CORP              | GB        |     3471000 | PA      | $4386511.43   | 0.05%             | 2027-02-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXII Ltd                                                        | CUSIP: 09629PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      533655 | PA      | $533655.44    | 0.01%             | 2031-07-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 Trust 2024-5YR6                                                            | CUSIP: 066043AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2188704 | PA      | $2307925.33   | 0.03%             | 2057-05-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2025-I1                                                                | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3743045 | PA      | $3780727.91   | 0.04%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1239146.22   | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      200000 | PA      | $113376.00    | 0.00%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| OCS GROUP HOLDINGS LTD                                  | OCS Group Holdings Ltd EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 54930002RKY3Y4LURL90 | Long             | LON              | CORP              | GB        |     2075471 | PA      | $2343862.65   | 0.03%             | 2031-11-27      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| NOBIAN FINANCE BV                                       | Nobian Finance BV 2024 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | LON              | CORP              | NL        |     1750000 | PA      | $1946823.43   | 0.02%             | 2029-07-01      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust Series 2024-NQM1                                        | CUSIP: 465983AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11040591 | PA      | $11106808.66  | 0.13%             | 2064-02-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP VI                                  | Crown Americas LLC / Crown Americas Capital Corp VI                              | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1463000 | PA      | $1454504.36   | 0.02%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| BARCLAYS BANK PLC                                       | SWP: OIS 14.180000 02-JAN-2026 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    19178495 | OU      | $-6126.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2022-2                                                     | CUSIP: 04285EAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      718682 | PA      | $715067.25    | 0.01%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| CART                                                    | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6278000 | PA      | $6246581.75   | 0.07%             | 2041-08-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-2 Ltd                                            | CUSIP: 69703HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $729784.73    | 0.01%             | 2033-01-15      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      760000 | PA      | $738898.37    | 0.01%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM7 Trust                                                              | CUSIP: 67117DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      432692 | PA      | $430791.26    | 0.00%             | 2062-08-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2023-19 Ltd                                                  | CUSIP: 11765AAQ2<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $986755.10    | 0.01%             | 2038-04-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | NEW Residential Mortgage Loan Trust 2025-Nqm2                                    | CUSIP: 64831XAC2<br>LEI: 2138006ZAYPD4ZHQYX81 | Long             | ABS-MBS          | CORP              | US        |     2382338 | PA      | $2397842.59   | 0.03%             | 2065-05-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      329000 | PA      | $55436.50     | 0.00%             | 2032-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXIX                                                 | CUSIP: 08186EAN8<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $997900.10    | 0.01%             | 2038-01-25      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXV CLO Ltd                                                               | CUSIP: 36319XAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248850.05    | 0.00%             | 2036-04-25      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     3773000 | PA      | $3774037.58   | 0.04%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Trinidad & Tobago Government International Bonds        | Trinidad & Tobago Government International Bonds                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      600000 | PA      | $590250.00    | 0.01%             | 2026-08-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                          | PMT Loan Trust 2025-INV2                                                         | CUSIP: 73015JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7848604 | PA      | $7879566.44   | 0.09%             | 2056-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     4600000 | PA      | $5984825.87   | 0.07%             | 2029-01-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANKINTER SA                                            | Bankinter SA                                                                     | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | DBT              | CORP              | ES        |     7800000 | PA      | $9289267.71   | 0.11%             | 2028-08-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran CAVU 2024-1 Ltd                                                         | CUSIP: 895971AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2100000 | PA      | $2074820.58   | 0.02%             | 2038-01-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-77002.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government International Bond                           | CUSIP: 836205AR5<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      400000 | PA      | $399500.00    | 0.00%             | 2025-09-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      703000 | PA      | $671243.73    | 0.01%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2013-2 Ltd                                                      | CUSIP: 09626YAN0<br>LEI: 549300KGXMRFX2DKIX03 | Long             | ABS-CBDO         | CORP              | KY        |           0 | PA      | $0.01         | 0.00%             | 2030-10-22      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 12.568000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    19279260 | OU      | $-68027.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      429000 | PA      | $424240.37    | 0.00%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -5528 | NC      | $-4075140.32  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORI                                | Charles River Laboratories International Inc                                     | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     1002000 | PA      | $917278.60    | 0.01%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Marble Point CLO                                        | Marble Point CLO XXII Ltd                                                        | CUSIP: 56606GAA2<br>LEI: 549300MZC31PBFF01E87 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000000.00   | 0.01%             | 2034-07-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      446000 | PA      | $300942.85    | 0.00%             | 2041-04-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 9.713000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     1353300 | OU      | $-21652.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PINEWOOD FINCO PLC                                      | Pinewood Finco PLC                                                               | CUSIP: 000000000<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |     7558000 | PA      | $10020376.41  | 0.12%             | 2030-03-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bean Creek CLO LTD                                      | Bean Creek CLO Ltd                                                               | CUSIP: 07378WAS7<br>LEI: 635400STD6UUTEW5KM07 | Long             | ABS-CBDO         | CORP              | KY        |     1250374 | PA      | $1250511.47   | 0.01%             | 2031-04-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1224000 | PA      | $1114199.98   | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     3001000 | PA      | $2829173.99   | 0.03%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5309000 | PA      | $4644885.51   | 0.05%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| TRANSOCEAN INC                                          | Transocean Inc                                                                   | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1564000 | PA      | $1209033.15   | 0.01%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust               | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5578045 | PA      | $5623160.74   | 0.06%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     1269000 | PA      | $1470809.94   | 0.02%             | 2054-10-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EGP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $1298.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | Oak Hill Credit Partners X-R Ltd                                                 | CUSIP: 67707CBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1500976.95   | 0.02%             | 2038-04-20      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | OPAL BIDCO SAS                                                                   | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     4165000 | PA      | $4698552.61   | 0.05%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     2732000 | PA      | $2695352.68   | 0.03%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BUXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    15638654 | PA      | $15633312.91  | 0.18%             | 2055-02-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $12914.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2020-13 Ltd                                                                 | CUSIP: 12511AAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1989920.20   | 0.02%             | 2034-01-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                          | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |      800000 | PA      | $860699.20    | 0.01%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      226000 | PA      | $215569.41    | 0.00%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: —       |
| Arbour CLO                                              | Arbour CLO XI DAC                                                                | CUSIP: 000000000<br>LEI: 635400SLKORJ1CUGHX15 | Long             | ABS-CBDO         | CORP              | IE        |      800000 | PA      | $909265.61    | 0.01%             | 2038-05-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     3180000 | PA      | $3278213.99   | 0.04%             | 2032-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2016-3 Ltd                                                              | CUSIP: 92915HAW3<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |     1200512 | PA      | $1200512.38   | 0.01%             | 2031-10-18      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 19 Ltd                                                                        | CUSIP: 74983AAL7<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $741149.93    | 0.01%             | 2040-04-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-1                                                  | CUSIP: 034934AA7<br>LEI: 254900HC0S1X9R2JZB30 | Long             | ABS-MBS          | CORP              | US        |     3786875 | PA      | $3801053.77   | 0.04%             | 2070-01-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXIX                                                 | CUSIP: 08186EAL2<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |     3750000 | PA      | $3721947.38   | 0.04%             | 2038-01-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                   | ARI Fleet Lease Trust 2024-A                                                     | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1734773 | PA      | $1743552.63   | 0.02%             | 2032-11-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN                                 | Aeropuerto Internacional de Tocumen SA                                           | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |      206000 | PA      | $138921.25    | 0.00%             | 2061-08-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                        | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     1206000 | PA      | $1235221.14   | 0.01%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2020-5                                                | CUSIP: 92538CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      522415 | PA      | $504932.16    | 0.01%             | 2065-05-25      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      650000 | PA      | $638586.91    | 0.01%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 10.215000 18-APR-2025 IBR                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  2991763565 | OU      | $523.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV 2024 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | LON              | CORP              | NL        |           0 | PA      | $0.00         | 0.00%             | 2031-05-23      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $355.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-60925.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                                | Cloud Software Group Inc 2024 USD Term Loan                                      | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     2966797 | PA      | $2930186.84   | 0.03%             | 2031-03-21      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 34 LTD                                                                   | CUSIP: 00121JAA0<br>LEI: 254900KKYZC78Z944L27 | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1498212.45   | 0.02%             | 2038-01-22      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Bethpage Park CLO LTD                                   | Bethpage Park CLO Ltd                                                            | CUSIP: 087598AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999000.00    | 0.01%             | 2035-01-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |     4010000 | PA      | $4542730.55   | 0.05%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FUGUE FINANCE BV                                        | Fugue Finance BV 2025 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 254900LPOM3DXTS8SI47 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2247530.10   | 0.03%             | 2032-01-09      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 9.255000 18-NOV-2026 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    62232445 | OU      | $80543.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                             | CUSIP: 19424KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      353012 | PA      | $319207.11    | 0.00%             | 2051-07-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD TRESRY                                | Heimstaden Bostad Treasury BV                                                    | CUSIP: 000000000<br>LEI: 549300ORG6UYMJBCV938 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $673076.33    | 0.01%             | 2025-07-24      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN BANK GMBH                                    | Volkswagen Bank GmbH                                                             | CUSIP: 000000000<br>LEI: 529900GJD3OQLRZCKW37 | Long             | DBT              | CORP              | DE        |    13100000 | PA      | $14830843.89  | 0.17%             | 2026-07-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                                       | MC Brazil Downstream Trading SARL                                                | CUSIP: 000000000<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |      310258 | PA      | $239829.21    | 0.00%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LUX 2023-LION                                           | LUX 2023-LION                                                                    | CUSIP: 55067LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      882000 | PA      | $890547.64    | 0.01%             | 2040-08-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    56418200 | PA      | $2859655.17   | 0.03%             | 2029-03-01      | Fixed         | 8.50%                 | 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        |     5285000 | PA      | $4782713.81   | 0.05%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Freddiemac Strip                                        | Freddie Mac Strips                                                               | CUSIP: 3133Q3LJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4133062 | PA      | $4139593.67   | 0.05%             | 2054-05-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $1455.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H1 Mortgage Trust                                                     | CUSIP: 22757AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      955474 | PA      | $959994.90    | 0.01%             | 2068-12-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                      | Whitebox Clo II Ltd                                                              | CUSIP: 96466CAW8<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |     1750000 | PA      | $1752291.28   | 0.02%             | 2037-10-24      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFRA 2024-NQM3 Trust                                                             | CUSIP: 55287GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7448400 | PA      | $7508696.39   | 0.09%             | 2069-12-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-3                                                | CUSIP: 92539GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4301329 | PA      | $4304160.57   | 0.05%             | 2068-03-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                                       | Bracken MidCo1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |     3326000 | PA      | $4329530.86   | 0.05%             | 2027-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: ZAR 8.178000 02-APR-2026 JIB                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    10177126 | OU      | $-5230.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-37673.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUND FUTURE JUN25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         142 | NC      | $317406.95    | 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        |     2600000 | PA      | $2670246.80   | 0.03%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1830084 | PA      | $1837727.35   | 0.02%             | 2069-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| FAR EAST HORIZON LTD                                    | Far East Horizon Ltd                                                             | CUSIP: 000000000<br>LEI: 549300S9XRGO1ZPUHE62 | Long             | DBT              | CORP              | HK        |     3715000 | PA      | $3659275.00   | 0.04%             | 2028-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     3341000 | PA      | $3262284.40   | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| TK ELEVATOR MIDCO GMBH                                  | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |      909000 | PA      | $1026976.64   | 0.01%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     3928000 | PA      | $3920814.51   | 0.05%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.844800 17-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     2225600 | OU      | $32018.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |      300000 | PA      | $344077.17    | 0.00%             | 2034-10-18      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     2000000 | PA      | $1827526.95   | 0.02%             | 2029-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2021-A                                           | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5259021 | PA      | $5210075.78   | 0.06%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      222000 | PA      | $214211.60    | 0.00%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |      600000 | PA      | $681747.40    | 0.01%             | 2038-05-14      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1650000 | PA      | $1646369.84   | 0.02%             | 2030-10-25      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     2089000 | PA      | $1974885.24   | 0.02%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     2659000 | PA      | $2279996.78   | 0.03%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                                          | Bardot CLO Ltd                                                                   | CUSIP: 06744NBQ9<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |     1237129 | PA      | $1230181.16   | 0.01%             | 2032-10-22      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2019-1 Ltd                                                     | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |     4717000 | PA      | $4711103.75   | 0.05%             | 2034-11-14      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690AAW7<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |     6940000 | PA      | $6869908.08   | 0.08%             | 2037-07-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                    | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |      550000 | PA      | $572948.21    | 0.01%             | 2027-02-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction        | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |      129000 | PA      | $146130.41    | 0.00%             | 2039-11-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                    | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     7370000 | PA      | $7284617.81   | 0.08%             | 2042-08-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-1                                                | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      440773 | PA      | $440144.83    | 0.01%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-AIR2                                           | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6042835 | PA      | $6042834.91   | 0.07%             | 2041-10-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                                     | Century Communities Inc                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |      447000 | PA      | $398721.32    | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     2043000 | PA      | $1996269.24   | 0.02%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUBBLES HOLDCO SPA                                      | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     1804000 | PA      | $2041960.69   | 0.02%             | 2031-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $443.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIENT CORP                                             | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |      159000 | PA      | $157300.27    | 0.00%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                               | ORL Trust 2024-GLKS                                                              | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4400000 | PA      | $4372500.00   | 0.05%             | 2039-12-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2023-NQM3 Trust                                                             | CUSIP: 69380TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3915797 | PA      | $3942023.57   | 0.05%             | 2068-11-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                     | NuStar Logistics LP                                                              | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      196000 | PA      | $198999.39    | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CO        |           1 | NC      | $39397.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-H                                 | CUSIP: 63942AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      776654 | PA      | $718951.02    | 0.01%             | 2069-04-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                             | Bear Mountain Park CLO Ltd                                                       | CUSIP: 07403CAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $1928286.60   | 0.02%             | 2037-07-15      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HFLW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    10749793 | PA      | $10709406.49  | 0.12%             | 2054-09-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                              | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      689000 | PA      | $694167.50    | 0.01%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO VIII Ltd                                             | CUSIP: 08180XAN2<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |      161447 | PA      | $161463.84    | 0.00%             | 2031-01-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |      589000 | PA      | $584078.55    | 0.01%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 9 LTD                                                                    | CUSIP: 001207AU3<br>LEI: 549300U1G1VA46DEO184 | Long             | ABS-CBDO         | CORP              | KY        |      450000 | PA      | $449910.09    | 0.01%             | 2037-04-20      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-2                                                   | CUSIP: 61946RAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      293773 | PA      | $242111.40    | 0.00%             | 2047-04-22      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Recette CLO LLC                                         | Recette Clo Ltd                                                                  | CUSIP: 75620TAW8<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-CBDO         | CORP              | KY        |     2280000 | PA      | $2275440.00   | 0.03%             | 2034-04-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd                                      | Elmwood CLO 29 Ltd                                                               | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000557.90   | 0.01%             | 2037-04-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     2000000 | PA      | $1631766.80   | 0.02%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113LAY2<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $498100.00    | 0.01%             | 2037-07-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| GVC Holdings (Gibraltar) Limited                        | GVC Holdings (Gibraltar) Limited 2024 EUR Term Loan B                            | CUSIP: 36270BAD4<br>LEI: 213800GNI3K45LQR8L28 | Long             | LON              | CORP              | IM        |     2611426 | PA      | $2956314.02   | 0.03%             | 2028-06-30      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| PREMIER FOODS FINANCE                                   | Premier Foods Finance PLC                                                        | CUSIP: 000000000<br>LEI: 2138003G41QDLK9DB177 | Long             | DBT              | CORP              | GB        |     1028000 | PA      | $1344452.74   | 0.02%             | 2026-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     5100000 | PA      | $7247060.06   | 0.08%             | 2083-12-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                              | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   307409000 | PA      | $308825964.90 | 3.55%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     5596000 | PA      | $5905212.58   | 0.07%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     6700000 | PA      | $7777680.13   | 0.09%             | 2027-06-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |           1 | NC      | $193126.78    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-2                                       | CUSIP: 85573HAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1280317 | PA      | $1197131.25   | 0.01%             | 2065-05-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                             | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      200000 | PA      | $191250.00    | 0.00%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA FINAC ATALIAN                                        | La Financiere Atalian                                                            | CUSIP: 000000000<br>LEI: 969500ICOLJMB33J0L87 | Long             | DBT              | CORP              | FR        |     1003905 | PA      | $457442.71    | 0.01%             | 2028-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AXIS BANK GANDHINAGAR                                   | Axis Bank Ltd/Gandhinagar                                                        | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | DBT              | CORP              | IN        |     4500000 | PA      | $4303125.00   | 0.05%             | 2026-09-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2025-HOME1                                                                 | CUSIP: 69382FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3482200 | PA      | $3496178.52   | 0.04%             | 2060-02-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                           | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |      213816 | PA      | $284298.56    | 0.00%             | 2033-04-21      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                                            | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     3310000 | PA      | $3780605.42   | 0.04%             | 2031-01-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                             | Oracle Corp                                                                      | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    11990000 | PA      | $8023354.89   | 0.09%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     3269000 | PA      | $2938087.30   | 0.03%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                             | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     4320000 | PA      | $3945871.58   | 0.05%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXXIX Ltd                                            | CUSIP: 081930AJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1550000 | PA      | $1522328.32   | 0.02%             | 2038-04-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                             | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     2636906 | PA      | $2231481.70   | 0.03%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 38 Ltd                                                                        | CUSIP: 74988FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1125000 | PA      | $1112972.85   | 0.01%             | 2040-04-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Providus CLO                                            | Providus Clo VI DAC                                                              | CUSIP: 000000000<br>LEI: 635400OVFLV2AMKOP534 | Long             | ABS-CBDO         | CORP              | IE        |     1000000 | PA      | $1113196.12   | 0.01%             | 2034-05-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                               | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     3037000 | PA      | $3513662.95   | 0.04%             | 2030-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      536000 | PA      | $534794.00    | 0.01%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1957000 | PA      | $2015288.66   | 0.02%             | 2032-06-21      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     9072000 | PA      | $11500860.92  | 0.13%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                      | A&D Mortgage Trust 2024-NQM6                                                     | CUSIP: 00249YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     9711677 | PA      | $9763093.53   | 0.11%             | 2070-01-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                                | Ireland Government Bonds                                                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |    97017723 | PA      | $108153567.31 | 1.24%             | 2034-10-18      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                                | iliad SA                                                                         | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |     2600000 | PA      | $3099750.89   | 0.04%             | 2029-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                          | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |       99231 | PA      | $131845.84    | 0.00%             | 2057-03-22      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HFD77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    15870918 | PA      | $15833258.40  | 0.18%             | 2054-08-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                                    | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |      332913 | PA      | $442791.95    | 0.01%             | 2066-12-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Cegid Group SAS                                         | Cegid Group SAS 2025 EUR Term Loan B4                                            | CUSIP: 000000000<br>LEI: 2221001BVBGKKRMMGO11 | Long             | LON              | CORP              | LU        |     2000000 | PA      | $2255188.17   | 0.03%             | 2028-07-10      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Noria                                                   | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |      200000 | PA      | $225222.69    | 0.00%             | 2043-02-25      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | Colt 2024-7 Mortgage Loan Trust                                                  | CUSIP: 19688YAA2<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-MBS          | CORP              | US        |     7636462 | PA      | $7645652.01   | 0.09%             | 2069-12-26      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |       66060 | PA      | $76238.77     | 0.00%             | 2026-08-21      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                  | Canyon Capital CLO 2021-2 Ltd                                                    | CUSIP: 13876XAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249875.13    | 0.00%             | 2034-04-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     4511000 | PA      | $4415392.96   | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust Series 2024-VIS1                                        | CUSIP: 465970AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2174711 | PA      | $2190507.63   | 0.03%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                          | ARES1 2024-IND2                                                                  | CUSIP: 04021EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11970000 | PA      | $11962518.75  | 0.14%             | 2034-10-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      200000 | PA      | $179500.00    | 0.00%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2023-26 Ltd                                                              | CUSIP: 67116HAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     8250000 | PA      | $8165560.43   | 0.09%             | 2037-04-17      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |           1 | NC      | $-38313.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2018-2 Ltd                                                      | CUSIP: 09629VAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250149.98    | 0.00%             | 2031-08-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                        | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11193000 | PA      | $11144030.63  | 0.13%             | 2037-05-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                    | Birch Grove CLO 12 Ltd                                                           | CUSIP: 09090MAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1975004.20   | 0.02%             | 2038-04-22      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2094000 | PA      | $2957781.00   | 0.03%             | 2029-11-06      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      612000 | PA      | $103122.00    | 0.00%             | 2049-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                              | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     3515000 | PA      | $2845303.82   | 0.03%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                                | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     2499000 | PA      | $2477024.29   | 0.03%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | SWP: OIS 8.540000 09-SEP-2025 IBR                                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  4924892373 | OU      | $10660.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2541000 | PA      | $2574805.46   | 0.03%             | 2032-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LG ELECTRONICS INC                                      | LG Electronics Inc                                                               | CUSIP: 000000000<br>LEI: 988400RMQFTGZIOG0609 | Long             | DBT              | CORP              | KR        |      400000 | PA      | $407072.00    | 0.00%             | 2027-04-24      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2020-NQM1                                    | CUSIP: 64830VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1963567 | PA      | $1850314.06   | 0.02%             | 2060-01-26      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     6027000 | PA      | $6888593.03   | 0.08%             | 2030-05-09      | Fixed         | 4.38%                 | 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        |     3377200 | PA      | $3810444.52   | 0.04%             | 2031-10-16      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2015-I Ltd                                                          | CUSIP: 12548MBF1<br>LEI: 5493001TP5YQV9X08Z14 | Long             | ABS-CBDO         | CORP              | KY        |     2709340 | PA      | $2709340.33   | 0.03%             | 2031-01-22      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego CLO VII DAC                                                              | CUSIP: 000000000<br>LEI: 549300HTBV5M1YNUW859 | Long             | ABS-CBDO         | CORP              | IE        |     1980000 | PA      | $2205421.21   | 0.03%             | 2038-01-23      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5836747 | PA      | $5829451.23   | 0.07%             | 2041-03-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Henley Funding Ltd.                                     | Henley CLO XII DAC                                                               | CUSIP: 000000000<br>LEI: 635400SQELBB2FR6QN30 | Long             | ABS-CBDO         | CORP              | IE        |      850000 | PA      | $949057.14    | 0.01%             | 2038-01-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     5620000 | PA      | $6313140.27   | 0.07%             | 2027-05-04      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                             | Visio 2020-1R Trust                                                              | CUSIP: 92837MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       76940 | PA      | $73523.32     | 0.00%             | 2055-11-25      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |      306000 | PA      | $319908.01    | 0.00%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                    | Bank of America Corp                                                             | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     7697000 | PA      | $8552204.79   | 0.10%             | 2028-04-25      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                               | Chesapeake Funding II LLC                                                        | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |      283219 | PA      | $287210.87    | 0.00%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                               | Olin Corp                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |      371000 | PA      | $352024.09    | 0.00%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | STWD Trust 2021-FLWR                                                             | CUSIP: 78485GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4779596 | PA      | $4761672.92   | 0.05%             | 2036-07-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE JUN25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         -70 | NC      | $-140883.23   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     2322000 | PA      | $2458550.79   | 0.03%             | 2029-07-06      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                      | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $940000.00    | 0.01%             | 2036-01-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXI Ltd                                                     | CUSIP: 55822NAA7<br>LEI: 2138008EAUXBYEZRP521 | Long             | ABS-CBDO         | CORP              | JE        |      255000 | PA      | $255637.50    | 0.00%             | 2037-01-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2024-AFC1 Trust                                                            | CUSIP: 403945AC2<br>LEI: 2549009KYOPIDSS2IL61 | Long             | ABS-MBS          | CORP              | US        |     6441080 | PA      | $6412108.84   | 0.07%             | 2059-08-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 6 Ltd                                                      | CUSIP: 03328QBL4<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |      692000 | PA      | $690635.51    | 0.01%             | 2034-04-22      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-66639376.30 | -0.77%            |  |  |  | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     3380000 | PA      | $3396633.66   | 0.04%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Taurus CMBS                                             | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |     2062000 | PA      | $2736525.69   | 0.03%             | 2035-02-18      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                                   | Deutsche Lufthansa AG                                                            | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |     9000000 | PA      | $10005607.61  | 0.11%             | 2055-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                              | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     1145000 | PA      | $1166744.33   | 0.01%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2017-D LLC                                        | CUSIP: 78471CAC3<br>LEI: 549300RC6OGKQI1MHM67 | Long             | ABS-O            | CORP              | US        |     1663000 | PA      | $1598911.97   | 0.02%             | 2040-09-25      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |           1 | NC      | $8772.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX 2021-MFM1                                                                     | CUSIP: 05608VAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      105000 | PA      | $104475.00    | 0.00%             | 2034-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Booking Holdings, Inc.                                  | Booking Holdings, Inc.                                                           | CUSIP: 000000000<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |     3730000 | PA      | $4338776.68   | 0.05%             | 2028-11-12      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                                | Sappi Papier Holding GmbH                                                        | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |     1376000 | PA      | $1533861.47   | 0.02%             | 2032-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mehilainen Yhtiot Oy                                    | Mehilainen Yhtiot Oy 2025 EUR Term Loan B                                        | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | LON              | CORP              | FI        |     2000000 | PA      | $2263208.75   | 0.03%             | 2031-08-05      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C32                                   | CUSIP: 94989YBE2<br>LEI: 549300VOKB4Z9J8DIM89 | Long             | ABS-MBS          | CORP              | US        |      205000 | PA      | $202301.97    | 0.00%             | 2059-01-15      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD 2021-FPM Mortgage Trust                                                     | CUSIP: 05554BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3017000 | PA      | $3013228.75   | 0.03%             | 2038-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      414000 | PA      | $350736.66    | 0.00%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                         | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     3945000 | PA      | $3614084.72   | 0.04%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.952300 03-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |      478575 | OU      | $7780.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ORSTED A/S                                              | Orsted AS                                                                        | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |     9918000 | PA      | $9516762.71   | 0.11%             | 2099-12-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-R1                                               | CUSIP: 924926AA6<br>LEI: 213800A8V9BALJ9WKP38 | Long             | ABS-MBS          | CORP              | US        |     7315376 | PA      | $7302500.55   | 0.08%             | 2069-09-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                        | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132230.97    | 0.00%             | 2067-09-22      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                                            | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     1192000 | PA      | $1350363.95   | 0.02%             | 2031-06-01      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2022-NQM3                                        | CUSIP: 10569JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1642265 | PA      | $1633109.62   | 0.02%             | 2062-07-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                        | TUI Cruises GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |     3441000 | PA      | $3898152.25   | 0.04%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARKETT PARTICIPATION                                   | Tarkett Participation 2021 EUR Term Loan B                                       | CUSIP: 000000000<br>LEI: 9695009BVDNB65W81L34 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2249977.06   | 0.03%             | 2028-04-21      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4714000 | PA      | $4708147.57   | 0.05%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2021-2                                                    | CUSIP: 52604DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      945000 | PA      | $873214.30    | 0.01%             | 2032-04-20      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                     | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |       39700 | PA      | $52957.10     | 0.00%             | 2025-07-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                          | PMT Loan Trust 2024-INV1                                                         | CUSIP: 73015BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7567666 | PA      | $7486881.09   | 0.09%             | 2059-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $332.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1094000 | PA      | $1080040.34   | 0.01%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |           1 | NC      | $-1698.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ELECTRICITY SUKUK                                 | Saudi Electricity Sukuk Programme Co                                             | CUSIP: 000000000<br>LEI: 549300KZ4IZK3RMUO096 | Long             | DBT              | CORP              | KY        |      600000 | PA      | $586128.00    | 0.01%             | 2053-04-11      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2013-II Ltd                                                         | CUSIP: 12549BAY4<br>LEI: 2549009RG3XZEWMXDF59 | Long             | ABS-CBDO         | CORP              | KY        |      606961 | PA      | $606294.22    | 0.01%             | 2030-10-18      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     4906000 | PA      | $4730933.90   | 0.05%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| MFRA Trust                                              | MFA 2022-NQM3 Trust                                                              | CUSIP: 55286EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1567256 | PA      | $1561122.21   | 0.02%             | 2067-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 77 CLO Ltd                                                                | CUSIP: 26252VAS0<br>LEI: 254900XGNUOV0Y3IBA68 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249507.15    | 0.00%             | 2034-05-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2024-2                                    | CUSIP: 92259PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      821727 | PA      | $829543.15    | 0.01%             | 2054-04-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                   | Williams Scotsman Inc                                                            | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |      449000 | PA      | $431777.84    | 0.00%             | 2028-08-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1325000 | PA      | $1229096.50   | 0.01%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XIX Ltd                                                         | CUSIP: 83012KAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $498499.95    | 0.01%             | 2034-07-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |      142000 | PA      | $190818.58    | 0.00%             | 2032-07-15      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                 | Nationwide Building Society                                                      | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     2306000 | PA      | $2972652.55   | 0.03%             | 2027-06-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $8.05         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2023-3 Mortgage Loan Trust                                                  | CUSIP: 19688RAB5<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |       87523 | PA      | $88834.50     | 0.00%             | 2068-09-25      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       69000 | PA      | $65723.70     | 0.00%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAC0<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $189000.00    | 0.00%             | 2054-03-05      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                       | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     1119000 | PA      | $1051044.92   | 0.01%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                    | Birch Grove CLO 3 Ltd                                                            | CUSIP: 09076VAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $3981822.80   | 0.05%             | 2038-01-19      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |           1 | NC      | $835687.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ODIDO GROUP HOLDING BV                                  | Odido Group Holding BV                                                           | CUSIP: 000000000<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |     8275000 | PA      | $9304030.46   | 0.11%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     1464000 | PA      | $1510910.95   | 0.02%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                          | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    10800000 | PA      | $12273520.87  | 0.14%             | 2027-03-08      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| Galileo Global Education Operations                     | Galileo Global Education Operations 2025 EUR Term Loan B4A                       | CUSIP: 000000000<br>LEI: 254900Z5KFYRM7Z7QL63 | Long             | LON              | CORP              | FR        |     2000000 | PA      | $2226051.26   | 0.03%             | 2031-07-31      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-INV1                                             | CUSIP: 92540FAA8<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-MBS          | CORP              | US        |     2174500 | PA      | $2191724.04   | 0.03%             | 2069-03-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation                   | AMMC CLO 15 Ltd                                                                  | CUSIP: 00175MBN9<br>LEI: 549300D0GYBG49KJD582 | Long             | ABS-CBDO         | CORP              | KY        |       86164 | PA      | $86160.48     | 0.00%             | 2032-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6020000 | PA      | $6075949.46   | 0.07%             | 2039-11-09      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 72 CLO Ltd                                                                | CUSIP: 26252NAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      827879 | PA      | $824823.22    | 0.01%             | 2032-05-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     2811000 | PA      | $2836194.04   | 0.03%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                     | NOVA Chemicals Corp                                                              | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      142000 | PA      | $146768.36    | 0.00%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| TCW Ltd                                                 | TCW CLO 2019-2 Ltd                                                               | CUSIP: 87242BBG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $747000.00    | 0.01%             | 2038-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |      200000 | PA      | $191500.00    | 0.00%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi Government International Bonds                | Abu Dhabi Government International Bonds                                         | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      600000 | PA      | $615450.00    | 0.01%             | 2029-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                    | SCG Commercial Mortgage Trust 2025-DLFN                                          | CUSIP: 78398EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7410000 | PA      | $6853537.23   | 0.08%             | 2035-03-15      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares XXXIV CLO Ltd                                                               | CUSIP: 04015GAX7<br>LEI: 549300VDFIIXSFET0S73 | Long             | ABS-CBDO         | CORP              | KY        |      825000 | PA      | $824412.77    | 0.01%             | 2033-04-17      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                               | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |      300000 | PA      | $340992.65    | 0.00%             | 2034-10-18      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| London Wall Mortgage Capital                            | London Wall Mortgage Capital PLC                                                 | CUSIP: 000000000<br>LEI: 213800QSO8J75OTK5919 | Long             | ABS-MBS          | CORP              | GB        |      396786 | PA      | $526230.84    | 0.01%             | 2057-05-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Tikehau                                                 | Tikehau CLO XII DAC                                                              | CUSIP: 000000000<br>LEI: 635400XEDWHMLUXZJY76 | Long             | ABS-CBDO         | CORP              | IE        |     1300000 | PA      | $1450066.79   | 0.02%             | 2038-10-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     4172000 | PA      | $3854227.52   | 0.04%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      398000 | PA      | $376010.50    | 0.00%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-2                                       | CUSIP: 85573HAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      500000 | PA      | $441644.10    | 0.01%             | 2065-05-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Dowson                                                  | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |      100000 | PA      | $132252.56    | 0.00%             | 2031-08-20      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $19693.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1153000 | PA      | $1187697.23   | 0.01%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $239478.82    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GAP INC/THE                                             | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     2252000 | PA      | $2036119.00   | 0.02%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2750000 | PA      | $2754780.16   | 0.03%             | 2039-11-09      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2019-10 Ltd                                                                 | CUSIP: 12482NAN1<br>LEI: 254900IPFC9SXD6VQ444 | Long             | ABS-CBDO         | CORP              | KY        |     1933148 | PA      | $1933262.89   | 0.02%             | 2032-04-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | 3 MONTH SOFR FUT DEC25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        -712 | NC      | $-1131987.44  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PETRON CORP                                             | Petron Corp                                                                      | CUSIP: 000000000<br>LEI: 549300R3PFXOFQSZ7G25 | Long             | DBT              | CORP              | PH        |     2094000 | PA      | $2048979.00   | 0.02%             | 2026-04-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Pony                                                    | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |     1115882 | PA      | $1261873.19   | 0.01%             | 2033-01-14      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                 | Australia & New Zealand Banking Group Ltd                                        | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |     2500000 | PA      | $2831412.59   | 0.03%             | 2027-05-21      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     3075000 | PA      | $3497748.97   | 0.04%             | 2031-07-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $391275.44    | 0.00%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |     4991000 | PA      | $5883046.21   | 0.07%             | 2029-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    16645000 | PA      | $18620593.07  | 0.21%             | 2032-07-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                                | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |     5700000 | PA      | $5595633.00   | 0.06%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 10 Ltd                                         | CUSIP: 38138TAY7<br>LEI: 5493007PBV0WMI12LF68 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $723784.95    | 0.01%             | 2037-10-20      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    11011000 | PA      | $11014951.52  | 0.13%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| AGL CLO 19 Ltd                                          | AGL CLO 19 Ltd                                                                   | CUSIP: 001210AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $999284.30    | 0.01%             | 2035-07-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2018-B                                      | CUSIP: 63940QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      323841 | PA      | $322067.34    | 0.00%             | 2059-12-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-A                                            | CUSIP: 56848DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      350000 | PA      | $331332.23    | 0.00%             | 2036-03-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                | Liberty Mutual Group Inc                                                         | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |      376000 | PA      | $355086.77    | 0.00%             | 2051-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Casper BidCo SAS                                        | Casper BidCo SAS 2025 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 969500OUD0VB2606MD53 | Long             | LON              | CORP              | FR        |     3000000 | PA      | $3365041.82   | 0.04%             | 2031-03-21      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     3449000 | PA      | $3818399.83   | 0.04%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                       | CUSIP: 000000000<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    10860000 | PA      | $12264716.44  | 0.14%             | 2028-05-21      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-VI Ltd                                                         | CUSIP: 12553SAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1370000 | PA      | $1365479.41   | 0.02%             | 2034-10-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| ABU DHABI COMMERCIAL BNK                                | Abu Dhabi Commercial Bank PJSC                                                   | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | DBT              | CORP              | AE        |      250000 | PA      | $265860.00    | 0.00%             | 2028-11-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TTAN                                                    | TTAN 2021-MHC                                                                    | CUSIP: 87303TAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1318911 | PA      | $1313965.41   | 0.02%             | 2038-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BS5D3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    14527056 | PA      | $14409497.09  | 0.17%             | 2054-10-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XXIV Ltd                                             | CUSIP: 08182NAJ1<br>LEI: 254900F6RDYGOMBGPF86 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $992716.00    | 0.01%             | 2034-10-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2020-B Trust                                      | CUSIP: 83405FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1350000 | PA      | $1122474.24   | 0.01%             | 2046-05-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | PE        |           1 | NC      | $22550.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XV                                                                    | CUSIP: 03764QBC5<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |      611569 | PA      | $611151.42    | 0.01%             | 2031-04-20      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| FONDO MIVIVIENDA SA                                     | Fondo MIVIVIENDA SA                                                              | CUSIP: 000000000<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |      785000 | PA      | $775187.50    | 0.01%             | 2027-04-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     4213000 | PA      | $3888514.66   | 0.04%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pakistan Government International Bonds                 | Pakistan Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      556000 | PA      | $521250.00    | 0.01%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                    | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE                                | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |     1480000 | PA      | $1521829.83   | 0.02%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: PLN 5.127000 19-MAR-2027 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    13434331 | OU      | $-55909.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1170000 | PA      | $1158803.10   | 0.01%             | 2025-10-22      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2118000 | PA      | $2075138.46   | 0.02%             | 2031-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                                         | Global Atlantic Fin Co                                                           | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |      299000 | PA      | $284157.14    | 0.00%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALPHA STAR HO IX LTD                                    | Alpha Star Holding IX Ltd                                                        | CUSIP: 000000000<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |      547000 | PA      | $550418.75    | 0.01%             | 2028-08-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JEFFERIES GMBH                                          | Jefferies GmbH                                                                   | CUSIP: 000000000<br>LEI: 5493004I3LZM39BWHQ75 | Long             | DBT              | CORP              | DE        |     4100000 | PA      | $4638927.69   | 0.05%             | 2026-07-22      | Floating      | 3.36%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2102000 | PA      | $2119747.40   | 0.02%             | 2038-11-20      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                       | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |       79228 | PA      | $89999.15     | 0.00%             | 2036-11-17      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $6498.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust               | GoodLeap Home Improvement Solutions Trust 2024-1                                 | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4993575 | PA      | $5029542.41   | 0.06%             | 2046-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2024-6 Ltd                                               | CUSIP: 05685XAA6<br>LEI: 254900HQYGN91X5XN386 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $749391.60    | 0.01%             | 2038-01-21      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2870000 | PA      | $2883003.08   | 0.03%             | 2041-08-10      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.                               | Regatta XXIV Funding Ltd                                                         | CUSIP: 75889HAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2994802.50   | 0.03%             | 2038-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1697000 | PA      | $1649941.26   | 0.02%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-64011.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     1637000 | PA      | $1891565.81   | 0.02%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      588000 | PA      | $594041.70    | 0.01%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MP Clo III, LTD                                         | MP CLO III LTD                                                                   | CUSIP: 553205AC9<br>LEI: 549300FWSFBNCWDD1P18 | Long             | ABS-CBDO         | CORP              | KY        |       10526 | PA      | $10526.20     | 0.00%             | 2030-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2019-JWDR                                  | CUSIP: 95002NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2371000 | PA      | $2297170.38   | 0.03%             | 2031-09-15      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2023-SMRT                                    | CUSIP: 17291NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2310000 | PA      | $2380955.12   | 0.03%             | 2040-10-12      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2014-2R Ltd                                 | CUSIP: 14314LAC9<br>LEI: 549300K65HYRGER5BW54 | Long             | ABS-CBDO         | CORP              | KY        |     1368942 | PA      | $1368422.31   | 0.02%             | 2031-05-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | 10Y RTP 4.300000 10-JUL-2025                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | KY        |  -104896000 | OU      | $-167318.56   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      317000 | PA      | $289284.12    | 0.00%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 6 Ltd                                                         | CUSIP: 67098UAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3001134.30   | 0.03%             | 2037-10-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 37 LTD                                                                        | CUSIP: 78110XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2973260.70   | 0.03%             | 2038-04-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                    | STAR 2025-SFR5 Trust                                                             | CUSIP: 85520CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1666667 | PA      | $1684493.34   | 0.02%             | 2042-02-17      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      389235 | PA      | $388651.33    | 0.00%             | 2031-04-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50366.95     | 0.00%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PEGASUS BIDCO BV                                        | Pegasus BidCo BV 2024 EUR Term Loan B2                                           | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |     1879880 | PA      | $2120316.43   | 0.02%             | 2029-07-12      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 35 LTD                      | OCTAGON INVESTMENT PARTNERS 35 LTD                                               | CUSIP: 67591TAA8<br>LEI: 549300EBYXJ9QVMC7X31 | Long             | ABS-CBDO         | CORP              | KY        |     1228517 | PA      | $1228632.28   | 0.01%             | 2031-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      441000 | PA      | $438030.49    | 0.01%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 37 Senior Loan Fund                                                       | CUSIP: 26249MAN7<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |      377526 | PA      | $377418.04    | 0.00%             | 2031-01-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -673 | NC      | $-2013750.46  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2015-1                                              | CUSIP: 97652TAK9<br>LEI: 5493006H0W2XGUBIBK91 | Long             | ABS-MBS          | CORP              | US        |      132374 | PA      | $123719.26    | 0.00%             | 2045-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TW        |           1 | NC      | $261.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2019-A                                          | CUSIP: 78449TAB7<br>LEI: 549300WEYOS38NWU8D22 | Long             | ABS-O            | CORP              | US        |      105277 | PA      | $103698.11    | 0.00%             | 2036-07-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      559000 | PA      | $552447.38    | 0.01%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     3964000 | PA      | $5315770.75   | 0.06%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NQM1 Trust                                                              | CUSIP: 55286VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1485753 | PA      | $1501686.08   | 0.02%             | 2069-03-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $721.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | TH        |           1 | NC      | $-83972.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                          | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |      143885 | PA      | $190427.49    | 0.00%             | 2057-03-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3999253 | PA      | $3946762.49   | 0.05%             | 2041-03-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |      808000 | PA      | $822144.85    | 0.01%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                       | Kaman Corporation 2025 Delayed Draw Term Loan                                    | CUSIP: 000000000<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |      405694 | PA      | $399247.36    | 0.00%             | 2032-02-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XX Ltd                                               | CUSIP: 08182FAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249571.55    | 0.00%             | 2034-07-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | Onemain Direct Auto Receivables Trust 2022-1                                     | CUSIP: 68269DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      287256 | PA      | $288152.11    | 0.00%             | 2029-03-14      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                  | CD&R Firefly Bidco PLC                                                           | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |    11218000 | PA      | $15249405.70  | 0.18%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2020-420K                                    | CUSIP: 17328QAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      833000 | PA      | $733233.76    | 0.01%             | 2042-11-10      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      322000 | PA      | $321887.59    | 0.00%             | 2030-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                               | Pike Corp                                                                        | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |       27000 | PA      | $28325.27     | 0.00%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                       | Generate CLO 7 Ltd                                                               | CUSIP: 37149LAL1<br>LEI: 25490036G9JNQQPHIX69 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $500695.90    | 0.01%             | 2037-04-22      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      820000 | PA      | $1166306.39   | 0.01%             | 2031-09-14      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    19550000 | PA      | $22073455.10  | 0.25%             | 2028-07-22      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137HFWR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    22151175 | PA      | $21932440.99  | 0.25%             | 2054-10-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS                                  | Methanex US Operations Inc                                                       | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1650000 | PA      | $1562381.04   | 0.02%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |        1000 | PA      | $957.50       | 0.00%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                | Braccan Mortgage Funding 2024-1 PLC                                              | CUSIP: 000000000<br>LEI: 635400RGKRFPCFMYJF13 | Long             | ABS-MBS          | CORP              | GB        |      404999 | PA      | $535201.61    | 0.01%             | 2067-02-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital Euro CLO DAC                         | Texas Debt Capital Euro CLO 2024-1 DAC                                           | CUSIP: 000000000<br>LEI: 6354005CUY8PX5XJT459 | Long             | ABS-CBDO         | CORP              | IE        |      828000 | PA      | $939220.75    | 0.01%             | 2038-07-16      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2015-I                                                           | CUSIP: 056162AN0<br>LEI: 549300QR3VQZ1T0JUI29 | Long             | ABS-CBDO         | CORP              | KY        |     1310309 | PA      | $1309323.66   | 0.02%             | 2031-01-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     7820000 | PA      | $8415946.46   | 0.10%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 8.970000 14-DEC-2029 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    33632814 | OU      | $-88290.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-1RMortgage Pass-Through Certificates                                   | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3374150 | PA      | $3034935.39   | 0.03%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| UNIQUE PUB FINANCE CO                                   | Unique Pub Finance Co PLC/The                                                    | CUSIP: 000000000<br>LEI: 213800FOMWLKHQTI5562 | Long             | DBT              | CORP              | GB        |     4157000 | PA      | $5785234.93   | 0.07%             | 2032-03-30      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | OneMain Direct Auto Receivables Trust 2023-1                                     | CUSIP: 682685AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      310000 | PA      | $318388.57    | 0.00%             | 2031-02-14      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                | South Bow Canadian Infrastructure Holdings Ltd                                   | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     1898000 | PA      | $1896105.95   | 0.02%             | 2055-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2021-TY                                                                | CUSIP: 05592AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5822500 | PA      | $5789673.91   | 0.07%             | 2038-09-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Noria                                                   | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |      400000 | PA      | $451927.60    | 0.01%             | 2043-02-25      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 38 Ltd                                                              | CUSIP: 87169NAC7<br>LEI: 254900T60KIPND298026 | Long             | ABS-CBDO         | CORP              | BM        |      250000 | PA      | $250000.00    | 0.00%             | 2036-04-24      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| NEXI SPA                                                | Nexi SpA                                                                         | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | DBT              | CORP              | IT        |     7900000 | PA      | $8107147.98   | 0.09%             | 2028-02-24      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      843943 | PA      | $835503.17    | 0.01%             | 2039-12-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-236.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     4850000 | PA      | $5747355.13   | 0.07%             | 2029-03-02      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Spa Holdings 3 Oy                                       | Spa Holdings 3 Oy EUR Term Loan B                                                | CUSIP: 000000000<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |     3000000 | PA      | $3341897.68   | 0.04%             | 2028-02-04      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 33623200000 | PA      | $7136506.44   | 0.08%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2025-VIS1                                               | CUSIP: 46659BAF9<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |     2344143 | PA      | $2347215.00   | 0.03%             | 2055-08-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     2354000 | PA      | $2227286.25   | 0.03%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2015-B                                      | CUSIP: 63939KAC3<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |     1521415 | PA      | $1529346.11   | 0.02%             | 2040-07-16      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1513000 | PA      | $1621196.14   | 0.02%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                        | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |      100000 | PA      | $132130.08    | 0.00%             | 2067-09-22      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL                                        | Ambipar Lux Sarl                                                                 | CUSIP: 02319WAB7<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |      205000 | PA      | $200264.50    | 0.00%             | 2033-02-05      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                                    | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |      500869 | PA      | $666788.58    | 0.01%             | 2066-12-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     1046000 | PA      | $1060540.66   | 0.01%             | 2029-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 11.500000 01-JUL-2025 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    10151388 | OU      | $-15203.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                          | CVR Energy Inc                                                                   | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      500000 | PA      | $459447.80    | 0.01%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: PLN 5.237500 19-SEP-2026 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    25717710 | OU      | $-68315.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    19939530 | PA      | $877425.08    | 0.01%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                           | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |    20000000 | PA      | $23506648.13  | 0.27%             | 2034-10-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXVI CLO Ltd                                                              | CUSIP: 36321LAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1480000 | PA      | $1481586.71   | 0.02%             | 2031-11-22      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                                   | Encompass Health Corp                                                            | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     3663000 | PA      | $3559205.96   | 0.04%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| 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        |      418000 | PA      | $370092.35    | 0.00%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers Clo 40 Ltd                                        | CUSIP: 64134JAA1<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |     3977916 | PA      | $3977916.18   | 0.05%             | 2033-04-16      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| FOOD SERVICE PROJECT SL                                 | Food Service Project SA                                                          | CUSIP: 000000000<br>LEI: 95980020140005812514 | Long             | DBT              | CORP              | ES        |     8021000 | PA      | $9086593.96   | 0.10%             | 2027-01-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                                        | Gruenenthal GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |     4594000 | PA      | $5469506.34   | 0.06%             | 2030-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC                                       | Jerrold Finco PLC                                                                | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |     3078000 | PA      | $4045649.66   | 0.05%             | 2027-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 00111VAA5<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |      400000 | PA      | $406000.00    | 0.00%             | 2029-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| RYAN SPECIALTY                                          | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |      647000 | PA      | $639049.60    | 0.01%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                           | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      448000 | PA      | $508658.94    | 0.01%             | 2026-07-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bonds                 | Bulgaria Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |      358000 | PA      | $345806.52    | 0.00%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1363000 | PA      | $1358510.28   | 0.02%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| SK HYNIX INC                                            | SK Hynix Inc                                                                     | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |      400000 | PA      | $403820.00    | 0.00%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      400000 | PA      | $289800.00    | 0.00%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                  | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $861250.00    | 0.01%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| RR Ltd                                                  | RR 26 Ltd                                                                        | CUSIP: 74989MAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2974811.70   | 0.03%             | 2038-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2024-CES3                                       | CUSIP: 92841WAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1006390.50   | 0.01%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      263000 | PA      | $272859.46    | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     2013070 | PA      | $481183.45    | 0.01%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3725000 | PA      | $3726866.23   | 0.04%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     2464000 | PA      | $2342101.48   | 0.03%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     2159000 | PA      | $2012345.18   | 0.02%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust                                                 | CUSIP: 78449XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      189136 | PA      | $189370.00    | 0.00%             | 2053-07-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2025-H3 Mortgage Trust                                                     | CUSIP: 22757EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    12000000 | PA      | $12081933.12  | 0.14%             | 2070-05-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust 2024-DPLO                | HLTN Commercial Mortgage Trust 2024-DPLO                                         | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7641113 | PA      | $7593356.04   | 0.09%             | 2041-06-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Bean Creek CLO LTD                                      | Bean Creek CLO Ltd                                                               | CUSIP: 07378XAG1<br>LEI: 635400STD6UUTEW5KM07 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499166.55    | 0.01%             | 2031-04-20      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                     | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      235000 | PA      | $234281.79    | 0.00%             | 2035-07-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                           | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      197000 | PA      | $265532.40    | 0.00%             | 2035-02-17      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                                      | Sunrise FinCo I BV                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    11758000 | PA      | $10782086.00  | 0.12%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cayuga Park CLO, Ltd.                                   | Cayuga Park CLO Ltd                                                              | CUSIP: 149791AP0<br>LEI: 549300SVH2QJEV4A2G21 | Long             | ABS-CBDO         | CORP              | KY        |     2110000 | PA      | $2108945.00   | 0.02%             | 2034-07-17      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |           1 | NC      | $28820.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 11 Ltd                                                           | CUSIP: 82666XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $999500.10    | 0.01%             | 2037-07-18      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM4                                        | CUSIP: 10568NAB8<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |      926072 | PA      | $905643.43    | 0.01%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                              | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |      385000 | PA      | $368243.80    | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $14573.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AG6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      597000 | PA      | $597000.00    | 0.01%             | 2025-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                                     | SC Germany SA Compartment Consumer 2025-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |      100000 | PA      | $113398.36    | 0.00%             | 2038-12-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HEATHROW FINANCE PLC                                    | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |     7030000 | PA      | $9103405.64   | 0.10%             | 2031-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-77002.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer