# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001410368-25-010143
**Filing Date:** 2025-9
**Character Count:** 559796
**Document Hash:** b6334c8dbfb25fca668d61e735ba3457
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010143.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010143

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251338612

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Systematic Bond ETF (Series ID: S000060088)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000196720 | iShares Systematic Bond ETF | SYSB            |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $27 | $26135 |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Boeing Co. (The), 3.20%, 03/01/29 | &nbsp;&nbsp;&nbsp; 110 | 104736 |
| General Dynamics Corp., 3.63%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 60 | 58261 |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp;&nbsp; 90 | 89061 |
| RTX Corp., 6.00%, 03/15/31 | &nbsp;&nbsp;&nbsp; 10 | 10689 |
| Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 16923 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70 | 77099 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 | &nbsp;&nbsp;&nbsp; 13 | 12753 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | 26615 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125 | 125774 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64 | 65310 |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52 | 53891 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 93737 |
|  |  | 734849 |
| **Agriculture — 2.9%** | **Agriculture — 2.9%** | **Agriculture — 2.9%** |
| Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 | &nbsp;&nbsp;&nbsp; 320 | 275439 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/14/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 55 | 54862 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/04/28 | &nbsp;&nbsp;&nbsp; 77 | 77701 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/06/35 | &nbsp;&nbsp;&nbsp; 120 | 122020 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/01/28 | &nbsp;&nbsp;&nbsp; 310 | 325404 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/33 | &nbsp;&nbsp;&nbsp; 60 | 66757 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 | &nbsp;&nbsp;&nbsp; 100 | 94444 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/35 | &nbsp;&nbsp;&nbsp; 20 | 20317 |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/31 | &nbsp;&nbsp;&nbsp; 120 | 125729 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/34 | &nbsp;&nbsp;&nbsp; 10 | 10523 |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/30 | &nbsp;&nbsp;&nbsp; 60 | 64248 |
| &nbsp;&nbsp;&nbsp; 6.42%, 08/02/33 | &nbsp;&nbsp;&nbsp; 160 | 173506 |
| BAT International Finance PLC, 5.93%, 02/02/29 | &nbsp;&nbsp;&nbsp; 100 | 104459 |
| Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 | &nbsp;&nbsp;&nbsp; 340 | 295413 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/29 | &nbsp;&nbsp;&nbsp; 215 | 217799 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/34 | &nbsp;&nbsp;&nbsp; 40 | 40495 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/33 | &nbsp;&nbsp;&nbsp; 90 | 92438 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/30 | &nbsp;&nbsp;&nbsp; 40 | 41664 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 | &nbsp;&nbsp;&nbsp; 150 | 157372 |
| Turning Point Brands Inc., 7.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36 | 37675 |
|  |  | 2398265 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| American Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 65 | 66306 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 67 | 70016 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 84 | 81240 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management <br> Holding Inc., 9.50%, 06/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 19 | 19522 |
|  |  | 237084 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 | &nbsp;&nbsp;&nbsp; 100 | 101264 |
| Tapestry Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 | &nbsp;&nbsp;&nbsp; 25 | 22266 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/15/27 | &nbsp;&nbsp;&nbsp; 50 | 49607 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/11/30 | &nbsp;&nbsp;&nbsp; 95 | 96219 |
| Under Armour Inc., 7.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44 | 45058 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| VF Corp., 6.45%, 11/01/37 | &nbsp;&nbsp;&nbsp; $25 | $22399 |
| Wolverine World Wide Inc., 4.00%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 33 | 29733 |
|  |  | 366546 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 135 | 128697 |
| General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 | &nbsp;&nbsp;&nbsp; 150 | 141598 |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 100 | 93334 |
| &nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 | &nbsp;&nbsp;&nbsp; 50 | 48995 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/29 | &nbsp;&nbsp;&nbsp; 40 | 41228 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 4.50%, <br> 10/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | 23602 |
| JB Poindexter & Co. Inc., 8.75%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30635 |
| New Flyer Holdings Inc., 9.25%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 105 | 111722 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 6.95%, <br> 09/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 17 | 17247 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/17/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 103232 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60 | 61992 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 26261 |
|  |  | 828543 |
| **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 138 | 143442 |
| IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/29, (6.38% Cash)<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/30, (7.75 % in Cash and 8.5 % in <br> PIK)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 39 | 40111 |
| Lear Corp., 3.80%, 09/15/27 | &nbsp;&nbsp;&nbsp; 33 | 32479 |
| Phinia Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | 26478 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46 | 47346 |
| ZF North America Capital Inc., 7.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 19373 |
|  |  | 324235 |
| **Banks — 18.2%** | **Banks — 18.2%** | **Banks — 18.2%** |
| Banco Santander SA, 6.92%, 08/08/33 | &nbsp;&nbsp;&nbsp; 200 | 217868 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.73%, 07/22/27, (1-day SOFR + 0.960%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 450 | 437606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 125 | 114114 |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 10 | 9714 |
| &nbsp;&nbsp;&nbsp; 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 225 | 201757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27, (3-mo. CME Term SOFR + <br> 1.322%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 148870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 45 | 44398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 19907 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35 | 35313 |
| &nbsp;&nbsp;&nbsp; 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 83 | 85116 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 140 | 142450 |
| &nbsp;&nbsp;&nbsp; 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14541 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 220 | 228298 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/26/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 103 | 99799 |
| &nbsp;&nbsp;&nbsp; 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40176 |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/26/30, (1-day SOFR + 1.755%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | 150888 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/28/28 | &nbsp;&nbsp;&nbsp; 25 | 25414 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic 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; 5.62%, 07/17/26 | &nbsp;&nbsp;&nbsp; $100 | $101091 |
| &nbsp;&nbsp;&nbsp; Citibank NA, 4.88%, 11/19/27, (1-day SOFR + <br> 0.712%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 45 | 45183 |
| Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 120 | 106235 |
| &nbsp;&nbsp;&nbsp; 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 210 | 190434 |
| &nbsp;&nbsp;&nbsp; 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30 | 28012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 197943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 146800 |
| &nbsp;&nbsp;&nbsp; 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 500 | 494198 |
| &nbsp;&nbsp;&nbsp; 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70 | 70066 |
| &nbsp;&nbsp;&nbsp; 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 53867 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 1.71%, 11/01/27, (1-day SOFR + 0.685%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 155 | 149557 |
| &nbsp;&nbsp;&nbsp; 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70 | 73580 |
| Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15035 |
| &nbsp;&nbsp;&nbsp; 12.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14968 |
| &nbsp;&nbsp;&nbsp; 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 16605 |
| Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.43%, 03/09/27, (1-day SOFR + 0.798%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 49022 |
| &nbsp;&nbsp;&nbsp; 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 300 | 290559 |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 340 | 296935 |
| &nbsp;&nbsp;&nbsp; 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 45 | 40052 |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70 | 61639 |
| &nbsp;&nbsp;&nbsp; 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 110 | 108336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 55 | 54604 |
| &nbsp;&nbsp;&nbsp; 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 45 | 44951 |
| &nbsp;&nbsp;&nbsp; 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | 153412 |
| &nbsp;&nbsp;&nbsp; 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35 | 35327 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 200 | 202590 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/11/28, (1-day SOFR + 2.610%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 450 | 455305 |
| &nbsp;&nbsp;&nbsp; 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 450 | 459429 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 250 | 257141 |
| &nbsp;&nbsp;&nbsp; ING Groep NV, 5.53%, 03/25/36, (1-day SOFR + <br> 1.610%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 230 | 234127 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 11/19/26, (1-day SOFR + 0.800%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 315 | 311557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | 77850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 49 | 43733 |
| &nbsp;&nbsp;&nbsp; 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 45 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 30 | 29797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 49944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 49852 |
| &nbsp;&nbsp;&nbsp; 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 90 | 88842 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | 151179 |
| &nbsp;&nbsp;&nbsp; 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 75 | 75451 |
| &nbsp;&nbsp;&nbsp; 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 96 | 97006 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30 | 29652 |
| &nbsp;&nbsp;&nbsp; 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $25 | $25431 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 170 | 173842 |
| &nbsp;&nbsp;&nbsp; 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30384 |
| &nbsp;&nbsp;&nbsp; 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 355 | 363508 |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 71 | 72849 |
| &nbsp;&nbsp;&nbsp; 5.58%, 07/23/36<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 90 | 91164 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | &nbsp;&nbsp;&nbsp; 86 | 86095 |
| &nbsp;&nbsp;&nbsp; 4.72%, 08/11/26, (1-year CMT + 1.750%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 200 | 199983 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 100 | 105117 |
| &nbsp;&nbsp;&nbsp; 7.41%, 10/30/29, (1-day SOFR + 2.800%)<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp; 215 | 232561 |
| Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | &nbsp;&nbsp;&nbsp; 500 | 499823 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/27/28 | &nbsp;&nbsp;&nbsp; 70 | 70391 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., 1.54%, 07/20/27, <br> (1-year CMT + 0.750%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 194078 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc., 5.42%, 05/13/36, (1-year <br> CMT + 0.980%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 202609 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 0.99%, 12/10/26, (1-day SOFR + 0.720%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 145 | 143095 |
| &nbsp;&nbsp;&nbsp; 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 63 | 53898 |
| &nbsp;&nbsp;&nbsp; 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 200 | 173339 |
| &nbsp;&nbsp;&nbsp; 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 279 | 244044 |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 43 | 39624 |
| &nbsp;&nbsp;&nbsp; 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 140 | 125051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 85 | 83600 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/27/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 100 | 99610 |
| &nbsp;&nbsp;&nbsp; 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24890 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 232 | 236963 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 205 | 208288 |
| &nbsp;&nbsp;&nbsp; 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30801 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 80 | 82717 |
| PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 | &nbsp;&nbsp;&nbsp; 100 | 97021 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/06/33, (1-day SOFR Index + 1.850%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 60 | 58468 |
| &nbsp;&nbsp;&nbsp; 4.76%, 01/26/27, (1-day SOFR Index + 1.085%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 330 | 330041 |
| &nbsp;&nbsp;&nbsp; 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 75 | 76866 |
| &nbsp;&nbsp;&nbsp; 5.37%, 07/21/36, (1-day SOFR + 1.060%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40400 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 46 | 46798 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | &nbsp;&nbsp;&nbsp; 100 | 96843 |
| &nbsp;&nbsp;&nbsp; 4.97%, 01/24/29, (1-day SOFR + 0.830%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 120 | 121344 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/28 | &nbsp;&nbsp;&nbsp; 170 | 174182 |
| Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | &nbsp;&nbsp;&nbsp; 300 | 289651 |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | &nbsp;&nbsp;&nbsp; 120 | 120741 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.27%, 03/02/27, (1-day SOFR + 0.609%)<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp; 292 | 285972 |
| &nbsp;&nbsp;&nbsp; 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70 | 70629 |
| &nbsp;&nbsp;&nbsp; 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 170 | 169863 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25122 |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 9 | 9184 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 51326 |
| &nbsp;&nbsp;&nbsp; 5.42%, 02/12/36, (1-day SOFR + 1.411%)<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp; 130 | 132177 |
| &nbsp;&nbsp;&nbsp; 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 75 | 77604 |
| &nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 | &nbsp;&nbsp;&nbsp; 100 | 98098 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; $60 | $55036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 540 | 533646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 55 | 54631 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 68 | 69397 |
| &nbsp;&nbsp;&nbsp; 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 85 | 85198 |
| &nbsp;&nbsp;&nbsp; 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 295 | 301992 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 55 | 56256 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | 153654 |
| &nbsp;&nbsp;&nbsp; 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 100 | 103112 |
| &nbsp;&nbsp;&nbsp; Series B, 7.95%, 11/15/29 | &nbsp;&nbsp;&nbsp; 30 | 33297 |
|  |  | 15285499 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Coca-Cola Co. (The), 5.00%, 05/13/34 | &nbsp;&nbsp;&nbsp; 40 | 40978 |
| Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 | &nbsp;&nbsp;&nbsp; 200 | 185761 |
| Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/06/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 85 | 84103 |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 | &nbsp;&nbsp;&nbsp; 50 | 49845 |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 | &nbsp;&nbsp;&nbsp; 200 | 170205 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | &nbsp;&nbsp;&nbsp; 200 | 204097 |
|  |  | 734989 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen Inc., 3.35%, 02/22/32 | &nbsp;&nbsp;&nbsp; 30 | 27719 |
| Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 | &nbsp;&nbsp;&nbsp; 240 | 208392 |
|  |  | 236111 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, 10.25%, <br> 10/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 10 | 10617 |
| Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 24546 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19 | 19278 |
| CRH America Finance Inc., 5.40%, 05/21/34 | &nbsp;&nbsp;&nbsp; 200 | 203852 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp;&nbsp; 123 | 108688 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 47 | 46852 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 36849 |
| Standard Industries Inc./New York, 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 34572 |
|  |  | 485254 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 67 | 66618 |
| INEOS Finance PLC, 7.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 30890 |
| LYB International Finance II BV, 3.50%, 03/02/27 | &nbsp;&nbsp;&nbsp; 90 | 88418 |
| Rain Carbon Inc., 12.25%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 16 | 17224 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 83 | 80687 |
| WR Grace Holdings LLC, 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 12378 |
|  |  | 296215 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| SunCoke Energy Inc., 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 10968 |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21059 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 53 | 50476 |
| Adtalem Global Education Inc., 5.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68 | 67175 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Alta Equipment Group Inc., 9.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $20 | $18996 |
| Automatic Data Processing Inc., 4.75%, 05/08/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 120 | 121258 |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22 | 22460 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21 | 21625 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37 | 38162 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10095 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 37004 |
| Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 | &nbsp;&nbsp;&nbsp; 14 | 13860 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 | &nbsp;&nbsp;&nbsp; 110 | 106094 |
| Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 39 | 37436 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 12325 |
| Equifax Inc., 4.80%, 09/15/29 | &nbsp;&nbsp;&nbsp; 115 | 115744 |
| EquipmentShare.com Inc., 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10543 |
| GEO Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/15/29 | &nbsp;&nbsp;&nbsp; 80 | 84852 |
| &nbsp;&nbsp;&nbsp; 10.25%, 04/15/31 | &nbsp;&nbsp;&nbsp; 83 | 91303 |
| Global Payments Inc., 1.20%, 03/01/26 | &nbsp;&nbsp;&nbsp; 100 | 97943 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63 | 65852 |
| Quanta Services Inc., 2.90%, 10/01/30 | &nbsp;&nbsp;&nbsp; 244 | 224396 |
| S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 | &nbsp;&nbsp;&nbsp; 245 | 221327 |
| &nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 | &nbsp;&nbsp;&nbsp; 105 | 102967 |
| TriNet Group Inc., 7.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | 26775 |
| Upbound Group Inc., 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48 | 46794 |
| Verisk Analytics Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 150 | 148795 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 | &nbsp;&nbsp;&nbsp; 50 | 52332 |
| VT Topco Inc., 8.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10647 |
|  |  | 1878295 |
| **Computers — 1.6%** | **Computers — 1.6%** | **Computers — 1.6%** |
| Accenture Capital Inc., 4.50%, 10/04/34 | &nbsp;&nbsp;&nbsp; 10 | 9674 |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp;&nbsp; 213 | 192245 |
| CACI International Inc., 6.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38 | 38897 |
| CGI Inc., 4.95%, 03/14/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 135 | 136653 |
| Dell International LLC/EMC Corp., 5.25%, 02/01/28 | &nbsp;&nbsp;&nbsp; 100 | 102081 |
| Diebold Nixdorf Inc., 7.75%, 03/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72 | 76318 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp;&nbsp; 32 | 28127 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 | &nbsp;&nbsp;&nbsp; 150 | 143332 |
| &nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 | &nbsp;&nbsp;&nbsp; 270 | 269688 |
| Leidos Inc., 2.30%, 02/15/31 | &nbsp;&nbsp;&nbsp; 85 | 74451 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53 | 57433 |
| NetApp Inc., 5.70%, 03/17/35 | &nbsp;&nbsp;&nbsp; 72 | 73620 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 5064 |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 49 | 52228 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 112409 |
|  |  | 1372220 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Colgate-Palmolive Co., 3.25%, 08/15/32 | &nbsp;&nbsp;&nbsp; 100 | 92030 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| WW Grainger Inc., 4.45%, 09/15/34 | &nbsp;&nbsp;&nbsp; 183 | 177603 |
| **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 5.10%, 01/19/29<br>| &nbsp;&nbsp;&nbsp; 200 | 203037 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic 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)** |
| Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $53 | $52642 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/14/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 29 | 30104 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 | &nbsp;&nbsp;&nbsp; 38 | 37802 |
| &nbsp;&nbsp;&nbsp; 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30255 |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 155 | 156046 |
| &nbsp;&nbsp;&nbsp; 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 140 | 146019 |
| Ameriprise Financial Inc., 5.70%, 12/15/28 | &nbsp;&nbsp;&nbsp; 120 | 124855 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/32 | &nbsp;&nbsp;&nbsp; 35 | 32784 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/18/34 | &nbsp;&nbsp;&nbsp; 75 | 77295 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | &nbsp;&nbsp;&nbsp; 170 | 180180 |
| Brookfield Finance Inc., 4.35%, 04/15/30 | &nbsp;&nbsp;&nbsp; 193 | 190544 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 30850 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24948 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96 | 101544 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 21285 |
| &nbsp;&nbsp;&nbsp; 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 47755 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/09/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20 | 19786 |
| &nbsp;&nbsp;&nbsp; 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 75 | 77052 |
| &nbsp;&nbsp;&nbsp; 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 270 | 275616 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 51587 |
| &nbsp;&nbsp;&nbsp; 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | 154953 |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 40 | 41643 |
| &nbsp;&nbsp;&nbsp; 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 132 | 137843 |
| &nbsp;&nbsp;&nbsp; 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 160 | 164772 |
| Cboe Global Markets Inc., 1.63%, 12/15/30 | &nbsp;&nbsp;&nbsp; 110 | 95369 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 | &nbsp;&nbsp;&nbsp; 12 | 10260 |
| &nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 | &nbsp;&nbsp;&nbsp; 42 | 35800 |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/03/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 200 | 194278 |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 | &nbsp;&nbsp;&nbsp; 2 | 1796 |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 | &nbsp;&nbsp;&nbsp; 2 | 1951 |
| &nbsp;&nbsp;&nbsp; 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 118 | 121916 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 73 | 77368 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 78 | 82314 |
| Coinbase Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 155 | 145938 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6 | 5372 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15194 |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82 | 86735 |
| Enova International Inc., 9.13%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 126 | 132013 |
| EZCORP Inc., 7.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 16667 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 5107 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15594 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20913 |
| GGAM Finance Ltd., 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15454 |
| goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15292 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63 | 64882 |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81 | 85722 |
| &nbsp;&nbsp;&nbsp; Series 144\*, 6.88%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 23 | 23103 |
| Intercontinental Exchange Inc., 1.85%, 09/15/32 | &nbsp;&nbsp;&nbsp; 200 | 165706 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., 6.75%, <br> 05/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 20476 |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 12670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| LPL Holdings Inc., 5.65%, 03/15/35 | &nbsp;&nbsp;&nbsp; $80 | $80301 |
| Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/35 | &nbsp;&nbsp;&nbsp; 100 | 97640 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 90 | 92028 |
| Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 27166 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40343 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15328 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 93991 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 | &nbsp;&nbsp;&nbsp; 15 | 15318 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | &nbsp;&nbsp;&nbsp; 48 | 48687 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31 | &nbsp;&nbsp;&nbsp; 42 | 43358 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 98 | 102167 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 | &nbsp;&nbsp;&nbsp; 66 | 69489 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/15/29 | &nbsp;&nbsp;&nbsp; 15 | 15723 |
| Osaic Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 5061 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 5081 |
| &nbsp;&nbsp;&nbsp; Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., <br> 6.38%, 02/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 11993 |
| PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21503 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 31594 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 24 | 24458 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10304 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92 | 97080 |
| Rocket Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10148 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15304 |
| SLM Corp., 6.50%, 01/31/30 | &nbsp;&nbsp;&nbsp; 18 | 18696 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 91702 |
| StoneX Group Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 101 | 106323 |
| Synchrony Financial, 7.25%, 02/02/33 | &nbsp;&nbsp;&nbsp; 129 | 135753 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 7829 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28 | 28018 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59 | 59064 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., 7.50%, <br> 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 99 | 103015 |
|  |  | 5403552 |
| **Electric — 5.6%** | **Electric — 5.6%** | **Electric — 5.6%** |
| AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 | &nbsp;&nbsp;&nbsp; 50 | 49200 |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 | &nbsp;&nbsp;&nbsp; 35 | 30931 |
| Alabama Power Co., Series 20-A, 1.45%, 09/15/30 | &nbsp;&nbsp;&nbsp; 50 | 43191 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/01/32 | &nbsp;&nbsp;&nbsp; 20 | 19545 |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/01/34 | &nbsp;&nbsp;&nbsp; 45 | 46293 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 12/15/31 | &nbsp;&nbsp;&nbsp; 15 | 12850 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/01/33 | &nbsp;&nbsp;&nbsp; 10 | 10263 |
| Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 | &nbsp;&nbsp;&nbsp; 25 | 21265 |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 | &nbsp;&nbsp;&nbsp; 50 | 48295 |
| Black Hills Corp., 3.95%, 01/15/26 | &nbsp;&nbsp;&nbsp; 50 | 49734 |
| CenterPoint Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 06/01/31 | &nbsp;&nbsp;&nbsp; 20 | 17818 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/29 | &nbsp;&nbsp;&nbsp; 60 | 61775 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Connecticut Light and Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/01/33 | &nbsp;&nbsp;&nbsp; $20 | $19998 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/30 | &nbsp;&nbsp;&nbsp; 30 | 30526 |
| Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 | &nbsp;&nbsp;&nbsp; 25 | 22352 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/34 | &nbsp;&nbsp;&nbsp; 30 | 30806 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, 5.80%, <br> 03/01/33<br>| &nbsp;&nbsp;&nbsp; 5 | 5280 |
| Consumers Energy Co., 3.60%, 08/15/32 | &nbsp;&nbsp;&nbsp; 30 | 27892 |
| Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 | &nbsp;&nbsp;&nbsp; 35 | 30402 |
| &nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 | &nbsp;&nbsp;&nbsp; 50 | 49111 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 80 | 81289 |
| &nbsp;&nbsp;&nbsp; Series A, 1.90%, 04/01/28 | &nbsp;&nbsp;&nbsp; 80 | 75269 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/29 | &nbsp;&nbsp;&nbsp; 65 | 66125 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/30 | &nbsp;&nbsp;&nbsp; 37 | 37818 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/29 | &nbsp;&nbsp;&nbsp; 20 | 19134 |
| Duke Energy Carolinas LLC, 4.95%, 01/15/33 | &nbsp;&nbsp;&nbsp; 210 | 212912 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 9783 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33 | &nbsp;&nbsp;&nbsp; 15 | 15712 |
| Duke Energy Florida LLC, 2.40%, 12/15/31 | &nbsp;&nbsp;&nbsp; 40 | 35190 |
| Duke Energy Progress LLC, 3.40%, 04/01/32 | &nbsp;&nbsp;&nbsp; 75 | 69659 |
| Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 | &nbsp;&nbsp;&nbsp; 80 | 70217 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 230 | 238553 |
| Entergy Mississippi LLC, 5.00%, 09/01/33 | &nbsp;&nbsp;&nbsp; 10 | 10045 |
| Evergy Kansas Central Inc., 5.90%, 11/15/33 | &nbsp;&nbsp;&nbsp; 30 | 31719 |
| Eversource Energy, 2.90%, 03/01/27 | &nbsp;&nbsp;&nbsp; 70 | 68219 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 | &nbsp;&nbsp;&nbsp; 30 | 27703 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30749 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 | &nbsp;&nbsp;&nbsp; 90 | 79344 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/15/34 | &nbsp;&nbsp;&nbsp; 130 | 133477 |
| Georgia Power Co., 4.70%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10008 |
| Interstate Power & Light Co., 5.70%, 10/15/33 | &nbsp;&nbsp;&nbsp; 20 | 20708 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71 | 74284 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 | &nbsp;&nbsp;&nbsp; 25 | 24260 |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 | &nbsp;&nbsp;&nbsp; 40 | 39062 |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 | &nbsp;&nbsp;&nbsp; 15 | 14394 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/07/30 | &nbsp;&nbsp;&nbsp; 10 | 10193 |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/13/26 | &nbsp;&nbsp;&nbsp; 35 | 35452 |
| NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 | &nbsp;&nbsp;&nbsp; 50 | 46744 |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 | &nbsp;&nbsp;&nbsp; 84 | 82703 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 | &nbsp;&nbsp;&nbsp; 15 | 15208 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/34 | &nbsp;&nbsp;&nbsp; 45 | 45403 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/32 | &nbsp;&nbsp;&nbsp; 20 | 20532 |
| NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 22834 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 9986 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19 | 19252 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 98720 |
| Oncor Electric Delivery Co. LLC, 4.15%, 06/01/32 | &nbsp;&nbsp;&nbsp; 50 | 48089 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 | &nbsp;&nbsp;&nbsp; 55 | 48045 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 | &nbsp;&nbsp;&nbsp; 55 | 52268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 | &nbsp;&nbsp;&nbsp; $20 | $18036 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 | &nbsp;&nbsp;&nbsp; 40 | 39212 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10188 |
| PacifiCorp, 5.30%, 02/15/31 | &nbsp;&nbsp;&nbsp; 35 | 35944 |
| PECO Energy Co., 4.90%, 06/15/33 | &nbsp;&nbsp;&nbsp; 10 | 10110 |
| PG&E Corp., 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 108 | 105397 |
| PPL Capital Funding Inc., 4.13%, 04/15/30 | &nbsp;&nbsp;&nbsp; 80 | 78367 |
| Progress Energy Inc., 7.00%, 10/30/31 | &nbsp;&nbsp;&nbsp; 70 | 78340 |
| Public Service Co. of Colorado, 5.35%, 05/15/34 | &nbsp;&nbsp;&nbsp; 20 | 20289 |
| Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/01/33 | &nbsp;&nbsp;&nbsp; 35 | 36142 |
| &nbsp;&nbsp;&nbsp; Series V, 2.20%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20 | 17548 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, Series J, 2.20%, <br> 08/15/31<br>| &nbsp;&nbsp;&nbsp; 120 | 103953 |
| Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 08/15/31 | &nbsp;&nbsp;&nbsp; 130 | 111816 |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/32 | &nbsp;&nbsp;&nbsp; 20 | 18252 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/33 | &nbsp;&nbsp;&nbsp; 10 | 9913 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/34 | &nbsp;&nbsp;&nbsp; 95 | 96779 |
| Public Service Enterprise Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 | &nbsp;&nbsp;&nbsp; 20 | 17254 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/29 | &nbsp;&nbsp;&nbsp; 70 | 71733 |
| Puget Energy Inc., 2.38%, 06/15/28 | &nbsp;&nbsp;&nbsp; 10 | 9397 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Series XXX, 3.00%, <br> 03/15/32<br>| &nbsp;&nbsp;&nbsp; 20 | 18041 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 | &nbsp;&nbsp;&nbsp; 50 | 48630 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 60 | 61341 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15150 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 | &nbsp;&nbsp;&nbsp; 50 | 43247 |
| &nbsp;&nbsp;&nbsp; 2.85%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23191 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/31 | &nbsp;&nbsp;&nbsp; 45 | 45766 |
| Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.11%, 08/01/27 | &nbsp;&nbsp;&nbsp; 50 | 50673 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10170 |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | &nbsp;&nbsp;&nbsp; 30 | 31443 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/33 | &nbsp;&nbsp;&nbsp; 20 | 20151 |
| &nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/26 | &nbsp;&nbsp;&nbsp; 90 | 88393 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 26 | 27635 |
| Tampa Electric Co., 5.15%, 03/01/35 | &nbsp;&nbsp;&nbsp; 45 | 45037 |
| Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 | &nbsp;&nbsp;&nbsp; 50 | 42922 |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/15/27 | &nbsp;&nbsp;&nbsp; 40 | 39093 |
| Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/35 | &nbsp;&nbsp;&nbsp; 30 | 30136 |
| &nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 | &nbsp;&nbsp;&nbsp; 130 | 128685 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134 | 139247 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 52927 |
| WEC Energy Group Inc., 5.60%, 09/12/26 | &nbsp;&nbsp;&nbsp; 11 | 11114 |
| Wisconsin Electric Power Co., 4.75%, 09/30/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40291 |
| Xcel Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 | &nbsp;&nbsp;&nbsp; 80 | 76542 |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 | &nbsp;&nbsp;&nbsp; 10 | 9760 |
|  |  | 4666844 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Energizer Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 25606 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 29196 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| WESCO Distribution Inc., 6.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $15 | $15357 |
|  |  | 70159 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| Avnet Inc., 4.63%, 04/15/26 | &nbsp;&nbsp;&nbsp; 100 | 99788 |
| Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 | &nbsp;&nbsp;&nbsp; 60 | 58659 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/34 | &nbsp;&nbsp;&nbsp; 160 | 155681 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42 | 40721 |
| Jabil Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 04/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 165 | 161647 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/01/29 | &nbsp;&nbsp;&nbsp; 95 | 96885 |
| Keysight Technologies Inc., 4.95%, 10/15/34 | &nbsp;&nbsp;&nbsp; 25 | 24617 |
| Tyco Electronics Group SA, 5.00%, 05/09/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 140 | 139987 |
|  |  | 777985 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 35283 |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 22752 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 18 | 20223 |
|  |  | 78258 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Light & Wonder International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20535 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20853 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.63%, 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 101 | 60600 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital Inc., <br> 8.45%, 07/27/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 130 | 129174 |
| Warnermedia Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 49 | 46103 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 | &nbsp;&nbsp;&nbsp; 40 | 33679 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 | &nbsp;&nbsp;&nbsp; 355 | 237305 |
|  |  | 548249 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10151 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/29 | &nbsp;&nbsp;&nbsp; 45 | 45841 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/33 | &nbsp;&nbsp;&nbsp; 140 | 142146 |
| Waste Connections Inc., 3.50%, 05/01/29 | &nbsp;&nbsp;&nbsp; 40 | 39038 |
| Waste Management Inc., 4.95%, 07/03/31 | &nbsp;&nbsp;&nbsp; 155 | 158538 |
|  |  | 395714 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., 7.63%, <br> 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 10 | 10412 |
| Kellanova, 4.30%, 05/15/28 | &nbsp;&nbsp;&nbsp; 150 | 150307 |
| Kroger Co. (The), 5.00%, 09/15/34 | &nbsp;&nbsp;&nbsp; 45 | 44476 |
| Performance Food Group Inc., 6.13%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 27443 |
| Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21813 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | 29031 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81 | 81162 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 | &nbsp;&nbsp;&nbsp; 10 | 9782 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/23/35 | &nbsp;&nbsp;&nbsp; 137 | 138884 |
| U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | 33761 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14413 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 32 | 33342 |
| United Natural Foods Inc., 6.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 7966 |
|  |  | 602792 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 | &nbsp;&nbsp;&nbsp; $46 | $45728 |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 77223 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 37 | 38848 |
| Atmos Energy Corp., 5.90%, 11/15/33 | &nbsp;&nbsp;&nbsp; 15 | 16043 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/28<br>| &nbsp;&nbsp;&nbsp; 35 | 35775 |
| National Fuel Gas Co., 5.95%, 03/15/35 | &nbsp;&nbsp;&nbsp; 50 | 51135 |
| NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 | &nbsp;&nbsp;&nbsp; 140 | 139788 |
| &nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 | &nbsp;&nbsp;&nbsp; 60 | 51201 |
| Piedmont Natural Gas Co. Inc., 5.10%, 02/15/35 | &nbsp;&nbsp;&nbsp; 20 | 20041 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 | &nbsp;&nbsp;&nbsp; 70 | 68367 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/33 | &nbsp;&nbsp;&nbsp; 10 | 10142 |
| Southern Co. Gas Capital Corp., 5.75%, 09/15/33 | &nbsp;&nbsp;&nbsp; 15 | 15680 |
| Southwest Gas Corp., 4.05%, 03/15/32 | &nbsp;&nbsp;&nbsp; 35 | 33140 |
|  |  | 603111 |
| **Health Care - Products — 0.6%** | **Health Care - Products — 0.6%** | **Health Care - Products — 0.6%** |
| Abbott Laboratories, 1.40%, 06/30/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20 | 17520 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54 | 56439 |
| Embecta Corp., 5.00%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 27 | 24486 |
| Insulet Corp., 6.50%, 04/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 21 | 21597 |
| Smith & Nephew PLC, 5.15%, 03/20/27 | &nbsp;&nbsp;&nbsp; 100 | 100976 |
| Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 | &nbsp;&nbsp;&nbsp; 140 | 138944 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/28 | &nbsp;&nbsp;&nbsp; 110 | 113061 |
|  |  | 473023 |
| **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc., 4.25%, <br> 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 19419 |
| Cigna Group (The), 3.40%, 03/01/27 | &nbsp;&nbsp;&nbsp; 200 | 196834 |
| DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 22679 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95 | 90661 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 154 | 158455 |
| HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 | &nbsp;&nbsp;&nbsp; 260 | 245023 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 45 | 45495 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/30 | &nbsp;&nbsp;&nbsp; 200 | 204237 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 | &nbsp;&nbsp;&nbsp; 151 | 155238 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/32 | &nbsp;&nbsp;&nbsp; 80 | 82145 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/35 | &nbsp;&nbsp;&nbsp; 180 | 184447 |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC/Heartland Dental Finance <br> Corp., 10.50%, 04/30/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 10 | 10549 |
| ICON Investments Six DAC, 5.81%, 05/08/27 | &nbsp;&nbsp;&nbsp; 450 | 457692 |
| LifePoint Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10790 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 15 | 16504 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 22222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/31/31, (6.00 % in Cash and 0.75 % in <br> PIK)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 15496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/31/30, (6.50 % Cash and 5.00 % in <br> PIK)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 2 | 1473 |
| Quest Diagnostics Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 115 | 115497 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 | &nbsp;&nbsp;&nbsp; 155 | 155824 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 21050 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic 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)** |
| Universal Health Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/01/26 | &nbsp;&nbsp;&nbsp; $500 | $483044 |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 | &nbsp;&nbsp;&nbsp; 90 | 76214 |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/34 | &nbsp;&nbsp;&nbsp; 63 | 59902 |
|  |  | 2850890 |
| **Holding Companies - Diversified — 1.5%** | **Holding Companies - Diversified — 1.5%** | **Holding Companies - Diversified — 1.5%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 | &nbsp;&nbsp;&nbsp; 88 | 85919 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 | &nbsp;&nbsp;&nbsp; 185 | 174845 |
| &nbsp;&nbsp;&nbsp; 5.95%, 07/15/29 | &nbsp;&nbsp;&nbsp; 65 | 66582 |
| Blue Owl Capital Corp., 2.63%, 01/15/27 | &nbsp;&nbsp;&nbsp; 54 | 52021 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 100 | 96476 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 | &nbsp;&nbsp;&nbsp; 210 | 201873 |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 | &nbsp;&nbsp;&nbsp; 20 | 18447 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 | &nbsp;&nbsp;&nbsp; 300 | 297658 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 50 | 51606 |
| Golub Capital BDC Inc., 2.50%, 08/24/26 | &nbsp;&nbsp;&nbsp; 20 | 19479 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 37 | 35921 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 59 | 59657 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 73 | 73921 |
| Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10158 |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18 | 18542 |
|  |  | 1263105 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 45 | 40975 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48 | 47930 |
| Lennar Corp., 5.00%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 115 | 115500 |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp;&nbsp; 195 | 181980 |
| Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 30 | 29121 |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 280 | 278694 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 | &nbsp;&nbsp;&nbsp; 75 | 75163 |
|  |  | 769363 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Somnigroup International Inc., 3.88%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37 | 33410 |
| Whirlpool Corp., 6.13%, 06/15/30 | &nbsp;&nbsp;&nbsp; 15 | 14965 |
|  |  | 48375 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41 | 39982 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10125 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20050 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15422 |
| Allstate Corp. (The), 5.05%, 06/24/29 | &nbsp;&nbsp;&nbsp; 70 | 71485 |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 | &nbsp;&nbsp;&nbsp; 190 | 165391 |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/29 | &nbsp;&nbsp;&nbsp; 100 | 100884 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/02/33 | &nbsp;&nbsp;&nbsp; 40 | 41061 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty U.S. Holdings Inc., 6.13%, <br> 09/15/28<br>| &nbsp;&nbsp;&nbsp; 68 | 71090 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 75 | 77422 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Brown & Brown Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 | &nbsp;&nbsp;&nbsp; $180 | $158072 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 | &nbsp;&nbsp;&nbsp; 8 | 7599 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 78 | 77608 |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/23/26 | &nbsp;&nbsp;&nbsp; 50 | 50064 |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/23/35 | &nbsp;&nbsp;&nbsp; 20 | 20220 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 09/01/31 | &nbsp;&nbsp;&nbsp; 44 | 38709 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25079 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/03/31 | &nbsp;&nbsp;&nbsp; 50 | 46326 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/16/32 | &nbsp;&nbsp;&nbsp; 100 | 102246 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36 | 36303 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/07/33 | &nbsp;&nbsp;&nbsp; 116 | 120799 |
| Fidelity National Financial Inc., 4.50%, 08/15/28 | &nbsp;&nbsp;&nbsp; 210 | 208955 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15644 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15623 |
| Marsh & McLennan Companies Inc., 4.38%, 03/15/29 | &nbsp;&nbsp;&nbsp; 60 | 60060 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37 | 38245 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp;&nbsp; 105 | 93640 |
| Principal Financial Group Inc., 5.38%, 03/15/33 | &nbsp;&nbsp;&nbsp; 22 | 22535 |
| Progressive Corp. (The), 3.20%, 03/26/30 | &nbsp;&nbsp;&nbsp; 36 | 34228 |
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16959 |
| Unum Group, 4.00%, 06/15/29 | &nbsp;&nbsp;&nbsp; 265 | 259302 |
| Willis North America Inc., 5.35%, 05/15/33 | &nbsp;&nbsp;&nbsp; 280 | 285557 |
|  |  | 2346685 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| Alphabet Inc., 4.50%, 05/15/35 | &nbsp;&nbsp;&nbsp; 70 | 68709 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance Inc., 6.50%, 07/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 160 | 156798 |
| GrubHub Holdings Inc., 5.50%, 07/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 161 | 157538 |
| Match Group Holdings II LLC, 5.63%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 34 | 33872 |
| Meta Platforms Inc., 3.85%, 08/15/32 | &nbsp;&nbsp;&nbsp; 185 | 176856 |
| Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104 | 114352 |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98 | 106184 |
| Snap Inc., 6.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 128 | 131178 |
| Uber Technologies Inc., 4.80%, 09/15/34 | &nbsp;&nbsp;&nbsp; 95 | 93289 |
| VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 | &nbsp;&nbsp;&nbsp; 130 | 115661 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/32 | &nbsp;&nbsp;&nbsp; 50 | 50545 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70 | 71203 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 58 | 59648 |
|  |  | 1335833 |
| **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** |
| Champion Iron Canada Inc., 7.88%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30674 |
| Reliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 | &nbsp;&nbsp;&nbsp; 100 | 99853 |
| &nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 | &nbsp;&nbsp;&nbsp; 400 | 353932 |
| Steel Dynamics Inc., 3.25%, 01/15/31 | &nbsp;&nbsp;&nbsp; 284 | 263885 |
|  |  | 748344 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 36421 |
| Life Time Inc., 6.00%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7 | 7054 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66 | 66210 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15111 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $7 | $7110 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 32727 |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 44 | 46325 |
| Viking Cruises Ltd., 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13 | 13983 |
|  |  | 224941 |
| **Lodging — 1.3%** | **Lodging — 1.3%** | **Lodging — 1.3%** |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower Escrow LLC/Hilton <br> Grand Vacations Borrower Esc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 47 | 43278 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | 32530 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 50 | 49599 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/30/29 | &nbsp;&nbsp;&nbsp; 15 | 15255 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/31 | &nbsp;&nbsp;&nbsp; 60 | 60700 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/30/27 | &nbsp;&nbsp;&nbsp; 30 | 30500 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/23/30 | &nbsp;&nbsp;&nbsp; 55 | 56747 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/30/32 | &nbsp;&nbsp;&nbsp; 50 | 51266 |
| Las Vegas Sands Corp., 5.90%, 06/01/27 | &nbsp;&nbsp;&nbsp; 45 | 45749 |
| Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 | &nbsp;&nbsp;&nbsp; 150 | 151863 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/28 | &nbsp;&nbsp;&nbsp; 170 | 175478 |
| &nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp;&nbsp; 155 | 140423 |
| &nbsp;&nbsp;&nbsp; Series X, 4.00%, 04/15/28 | &nbsp;&nbsp;&nbsp; 50 | 49452 |
| Melco Resorts Finance Ltd., 5.75%, 07/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24550 |
| Station Casinos LLC, 4.63%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44 | 41178 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36 | 34567 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19 | 18231 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14107 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 29666 |
|  |  | 1065139 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Caterpillar Financial Services Corp., 1.10%, 09/14/27 | &nbsp;&nbsp;&nbsp; 125 | 117446 |
| IDEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 | &nbsp;&nbsp;&nbsp; 140 | 124832 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 290 | 269348 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/09/30 | &nbsp;&nbsp;&nbsp; 50 | 46203 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/14/28 | &nbsp;&nbsp;&nbsp; 300 | 306801 |
| &nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, 11.50%, <br> 09/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 21212 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/29/30 | &nbsp;&nbsp;&nbsp; 30 | 30330 |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/11/34 | &nbsp;&nbsp;&nbsp; 60 | 62023 |
|  |  | 978195 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
| 3M Co., 2.88%, 10/15/27 | &nbsp;&nbsp;&nbsp; 50 | 48539 |
| Axon Enterprise Inc., 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6 | 6153 |
| Eaton Corp., 4.35%, 05/18/28 | &nbsp;&nbsp;&nbsp; 35 | 35079 |
| Enpro Inc., 6.13%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 8098 |
| LSB Industries Inc., 6.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13 | 12787 |
| Pentair Finance SARL, 4.50%, 07/01/29 | &nbsp;&nbsp;&nbsp; 65 | 64702 |
| Teledyne Technologies Inc., 2.25%, 04/01/28 | &nbsp;&nbsp;&nbsp; 230 | 217830 |
|  |  | 393188 |
| **Media — 2.5%** | **Media — 2.5%** | **Media — 2.5%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 67 | 57802 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | &nbsp;&nbsp;&nbsp; 76 | 68966 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 12 | 10654 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $69 | $63717 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40357 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 119 | 122254 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24286 |
| &nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 | &nbsp;&nbsp;&nbsp; 200 | 191100 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 48412 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 90452 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73 | 72559 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110 | 106039 |
| Discovery Communications LLC, 5.00%, 09/20/37 | &nbsp;&nbsp;&nbsp; 50 | 36223 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | 31979 |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 | &nbsp;&nbsp;&nbsp; 12 | 9208 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 52061 |
| EW Scripps Co. (The), 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 14907 |
| FactSet Research Systems Inc., 2.90%, 03/01/27 | &nbsp;&nbsp;&nbsp; 275 | 268540 |
| Gray Media Inc., 9.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 5048 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | 31384 |
| Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 97 | 94257 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 74 | 73872 |
| Paramount Global, 4.20%, 05/19/32 | &nbsp;&nbsp;&nbsp; 30 | 27421 |
| Scripps Escrow II Inc., 3.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90 | 79912 |
| Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96 | 71170 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13 | 13295 |
| Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 51 | 45001 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 75 | 68390 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28 | 27648 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 14147 |
| TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 | &nbsp;&nbsp;&nbsp; 81 | 79159 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 83 | 79785 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 87277 |
|  |  | 2107282 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Vallourec SACA, 7.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 26455 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Arsenal AIC Parent LLC, 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10597 |
| BHP Billiton Finance USA Ltd., 5.10%, 09/08/28 | &nbsp;&nbsp;&nbsp; 150 | 153343 |
| Century Aluminum Co., 6.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41 | 41408 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International Inc., 8.00%, <br> 07/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 68 | 70451 |
| Fortescue Treasury Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14177 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25506 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64 | 64335 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 83 | 79520 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30892 |
| Perenti Finance Pty Ltd., 7.50%, 04/26/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 51562 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | &nbsp;&nbsp;&nbsp; 13 | 14002 |
| Rio Tinto Finance USA PLC, 5.25%, 03/14/35 | &nbsp;&nbsp;&nbsp; 85 | 86234 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130 | 135712 |
|  |  | 777739 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office & Business Equipment — 1.0%** | **Office & Business Equipment — 1.0%** | **Office & Business Equipment — 1.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 | &nbsp;&nbsp;&nbsp; $235 | $222845 |
| &nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 | &nbsp;&nbsp;&nbsp; 213 | 203415 |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 | &nbsp;&nbsp;&nbsp; 100 | 99022 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/30 | &nbsp;&nbsp;&nbsp; 285 | 286805 |
|  |  | 812087 |
| **Oil & Gas — 2.5%** | **Oil & Gas — 2.5%** | **Oil & Gas — 2.5%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 20949 |
| California Resources Corp., 8.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 141 | 144808 |
| Chevron USA Inc., 4.98%, 04/15/35 | &nbsp;&nbsp;&nbsp; 30 | 30230 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 26 | 26515 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 26978 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66 | 67979 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | 35119 |
| Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | 27360 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82 | 81297 |
| ConocoPhillips Co., 5.00%, 01/15/35 | &nbsp;&nbsp;&nbsp; 95 | 94402 |
| CVR Energy Inc., 8.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 74 | 72704 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 61 | 63625 |
| Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/30/30 | &nbsp;&nbsp;&nbsp; 85 | 86557 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/18/34 | &nbsp;&nbsp;&nbsp; 10 | 10032 |
| Expand Energy Corp., 5.70%, 01/15/35 | &nbsp;&nbsp;&nbsp; 50 | 50618 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82 | 83430 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44 | 42247 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 36558 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66 | 68244 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 117 | 119030 |
| Northern Oil & Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40407 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59 | 60707 |
| Occidental Petroleum Corp., 6.38%, 09/01/28 | &nbsp;&nbsp;&nbsp; 150 | 155432 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60 | 61994 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 23509 |
| Seadrill Finance Ltd., 8.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25586 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 17 | 17737 |
| Strathcona Resources Ltd., 6.88%, 08/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21 | 21031 |
| Sunoco LP, 7.25%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52 | 54520 |
| Talos Production Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58 | 59483 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 82 | 83598 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 140 | 144494 |
| Valero Energy Corp., 5.15%, 02/15/30 | &nbsp;&nbsp;&nbsp; 174 | 177136 |
| Vermilion Energy Inc., 7.25%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 9451 |
|  |  | 2123767 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.63%, 09/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 87 | 88308 |
| Tidewater Inc., 9.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13 | 13631 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 39 | 39870 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63 | 64735 |
|  |  | 206544 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $50 | $45531 |
| Graham Packaging Co. Inc., 7.13%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71 | 70788 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25268 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 39 | 38578 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container Inc., 7.38%, <br> 06/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 34 | 34253 |
| Packaging Corp. of America, 5.70%, 12/01/33 | &nbsp;&nbsp;&nbsp; 115 | 119527 |
|  |  | 333945 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40715 |
| AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 190 | 186674 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp; 60 | 57211 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15224 |
| Astrazeneca Finance LLC, 1.75%, 05/28/28 | &nbsp;&nbsp;&nbsp; 200 | 187217 |
| Bausch Health Companies Inc., 11.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25685 |
| Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 | &nbsp;&nbsp;&nbsp; 100 | 98199 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp; 197 | 199882 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/34 | &nbsp;&nbsp;&nbsp; 115 | 116267 |
| Cencora Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 | &nbsp;&nbsp;&nbsp; 258 | 252297 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/34 | &nbsp;&nbsp;&nbsp; 40 | 40126 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13 | 13023 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., 7.00%, 03/10/55, (5-year CMT + <br> 2.886%)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 60 | 61813 |
| Elanco Animal Health Inc., 6.65%, 08/28/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 45 | 46591 |
| Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/12/28 | &nbsp;&nbsp;&nbsp; 50 | 50488 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/12/35 | &nbsp;&nbsp;&nbsp; 70 | 71182 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 86 | 91511 |
| Grifols SA, 4.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58 | 55857 |
| HLF Financing SARL LLC/Herbalife International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 18 | 15094 |
| &nbsp;&nbsp;&nbsp; 12.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104 | 113429 |
| McKesson Corp., 0.90%, 12/03/25 | &nbsp;&nbsp;&nbsp; 55 | 54294 |
| Merck & Co. Inc., 4.50%, 05/17/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 65 | 64440 |
| Zoetis Inc., 2.00%, 05/15/30 | &nbsp;&nbsp;&nbsp; 100 | 89464 |
|  |  | 1946683 |
| **Pipelines — 5.3%** | **Pipelines — 5.3%** | **Pipelines — 5.3%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.75%, 03/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 20013 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 | &nbsp;&nbsp;&nbsp; 20 | 19236 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 150 | 151096 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp;&nbsp; 101 | 102646 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 45 | 43990 |
| DCP Midstream Operating LP, 3.25%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5 | 4458 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | 11034 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 15806 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 132 | 137328 |
| Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/34 | &nbsp;&nbsp;&nbsp; 25 | 25609 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/28 | &nbsp;&nbsp;&nbsp; 75 | 78459 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $150 | $151573 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/34 | &nbsp;&nbsp;&nbsp; 30 | 30249 |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/28 | &nbsp;&nbsp;&nbsp; 100 | 104594 |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/33 | &nbsp;&nbsp;&nbsp; 130 | 140300 |
| FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 8241 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 | &nbsp;&nbsp;&nbsp; 15 | 15523 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 | &nbsp;&nbsp;&nbsp; 49 | 50820 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 | &nbsp;&nbsp;&nbsp; 13 | 13550 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/30 | &nbsp;&nbsp;&nbsp; 51 | 53944 |
| Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 | &nbsp;&nbsp;&nbsp; 100 | 96556 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/01/29 | &nbsp;&nbsp;&nbsp; 145 | 147664 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 | &nbsp;&nbsp;&nbsp; 140 | 137627 |
| &nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 | &nbsp;&nbsp;&nbsp; 542 | 491007 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 | &nbsp;&nbsp;&nbsp; 300 | 295936 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 | &nbsp;&nbsp;&nbsp; 51 | 51322 |
| ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 200 | 199330 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 | &nbsp;&nbsp;&nbsp; 150 | 150155 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/28 | &nbsp;&nbsp;&nbsp; 50 | 51584 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 | &nbsp;&nbsp;&nbsp; 105 | 111891 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | &nbsp;&nbsp;&nbsp; 35 | 35927 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 | &nbsp;&nbsp;&nbsp; 45 | 42928 |
| &nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 | &nbsp;&nbsp;&nbsp; 65 | 61931 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/34 | &nbsp;&nbsp;&nbsp; 20 | 20298 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15550 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54 | 54959 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | 15384 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | &nbsp;&nbsp;&nbsp; 45 | 42089 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 | &nbsp;&nbsp;&nbsp; 150 | 151756 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 | &nbsp;&nbsp;&nbsp; 84 | 84133 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/29 | &nbsp;&nbsp;&nbsp; 140 | 146583 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 | &nbsp;&nbsp;&nbsp; 120 | 118696 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 | &nbsp;&nbsp;&nbsp; 100 | 102181 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, 6.25%, <br> 01/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 95 | 97593 |
| Venture Global LNG Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 69 | 69983 |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 27933 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25843 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 81776 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54 | 58265 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC., 6.75%, <br> 01/15/36<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 40 | 41143 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/30 | &nbsp;&nbsp;&nbsp; 60 | 57647 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/34 | &nbsp;&nbsp;&nbsp; 23 | 22549 |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/33 | &nbsp;&nbsp;&nbsp; 80 | 83401 |
| Williams Companies Inc. (The), 5.30%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 100 | 102398 |
|  |  | 4472487 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| CBRE Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/29 | &nbsp;&nbsp;&nbsp; $90 | $92740 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/34 | &nbsp;&nbsp;&nbsp; 100 | 105359 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | 14101 |
| &nbsp;&nbsp;&nbsp; 8.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 50 | 53600 |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., <br> 11.00%, 01/15/28<sup>(a)(e)</sup><br>| &nbsp;&nbsp;&nbsp; 11 | 11111 |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40 | 38163 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 27652 |
| Newmark Group Inc., 7.50%, 01/12/29 | &nbsp;&nbsp;&nbsp; 2 | 2123 |
|  |  | 344849 |
| **Real Estate Investment Trusts — 4.9%** | **Real Estate Investment Trusts — 4.9%** | **Real Estate Investment Trusts — 4.9%** |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 | &nbsp;&nbsp;&nbsp; 30 | 30281 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/34 | &nbsp;&nbsp;&nbsp; 60 | 60984 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 | &nbsp;&nbsp;&nbsp; 90 | 86924 |
| &nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 | &nbsp;&nbsp;&nbsp; 185 | 179575 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/28 | &nbsp;&nbsp;&nbsp; 110 | 114149 |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., 4.63%, <br> 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 51 | 48432 |
| Blackstone Mortgage Trust Inc., 7.75%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43 | 45499 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP, 8.88%, <br> 04/12/29<br>| &nbsp;&nbsp;&nbsp; 61 | 65520 |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 55 | 53481 |
| Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 | &nbsp;&nbsp;&nbsp; 190 | 186548 |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 | &nbsp;&nbsp;&nbsp; 157 | 153849 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 | &nbsp;&nbsp;&nbsp; 70 | 69385 |
| Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 | &nbsp;&nbsp;&nbsp; 37 | 30899 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 | &nbsp;&nbsp;&nbsp; 96 | 88976 |
| ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 15 | 14236 |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/15/34 | &nbsp;&nbsp;&nbsp; 35 | 33861 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II Inc., 5.30%, <br> 01/15/29<br>| &nbsp;&nbsp;&nbsp; 89 | 89870 |
| Host Hotels & Resorts LP, 5.70%, 06/15/32 | &nbsp;&nbsp;&nbsp; 135 | 136958 |
| Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 19 | 16564 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/15/28 | &nbsp;&nbsp;&nbsp; 15 | 14368 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, 2.30%, <br> 11/15/28<br>| &nbsp;&nbsp;&nbsp; 80 | 74775 |
| Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 103 | 101604 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 59 | 60642 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services Inc., <br> 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 27 | 25777 |
| Mid-America Apartments LP, 1.10%, 09/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 110 | 105968 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 5.00%, 10/15/27<br>| &nbsp;&nbsp;&nbsp; 52 | 47703 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp;&nbsp; 111 | 98291 |
| Omega Healthcare Investors Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/15/33 | &nbsp;&nbsp;&nbsp; 75 | 64718 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 | &nbsp;&nbsp;&nbsp; 50 | 47450 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/30 | &nbsp;&nbsp;&nbsp; 67 | 67202 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *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; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 7.00%, <br> 02/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $23 | $23569 |
| Prologis LP, 4.75%, 06/15/33 | &nbsp;&nbsp;&nbsp; 75 | 74451 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 03/15/28 | &nbsp;&nbsp;&nbsp; 100 | 94555 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20 | 19663 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 | &nbsp;&nbsp;&nbsp; 70 | 70735 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | 11238 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9 | 9216 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85 | 86879 |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40742 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 23 | 21475 |
| Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 | &nbsp;&nbsp;&nbsp; 150 | 139212 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 | &nbsp;&nbsp;&nbsp; 50 | 44088 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/34 | &nbsp;&nbsp;&nbsp; 90 | 87622 |
| Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 23661 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56 | 58631 |
| Sun Communities Operating LP, 2.70%, 07/15/31 | &nbsp;&nbsp;&nbsp; 160 | 141605 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21400 |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 26412 |
| Ventas Realty LP, 5.63%, 07/01/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 212 | 217804 |
| VICI Properties LP, 4.95%, 02/15/30 | &nbsp;&nbsp;&nbsp; 425 | 427052 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 | &nbsp;&nbsp;&nbsp; 140 | 129525 |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 | &nbsp;&nbsp;&nbsp; 150 | 141721 |
|  |  | 4125745 |
| **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** |
| Academy Ltd., 6.00%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 16 | 16010 |
| Advance Auto Parts Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25129 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25114 |
| AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 | &nbsp;&nbsp;&nbsp; 60 | 60185 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/26 | &nbsp;&nbsp;&nbsp; 60 | 60306 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 75 | 76550 |
| Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 12/01/28, (9.00% PIK)<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 28 | 28861 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/01/30, (13.00% PIK)<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 62 | 65068 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/01/31, (9.00% PIK)<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 54 | 64021 |
| Darden Restaurants Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/15/27 | &nbsp;&nbsp;&nbsp; 45 | 44921 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/29 | &nbsp;&nbsp;&nbsp; 60 | 59699 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/10/33 | &nbsp;&nbsp;&nbsp; 20 | 21300 |
| FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 29343 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54 | 53490 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81 | 83142 |
| Foot Locker Inc., 4.00%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9 | 8491 |
| Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65 | 59895 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41 | 36430 |
| Home Depot Inc. (The), 3.25%, 04/15/32 | &nbsp;&nbsp;&nbsp; 50 | 46083 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, 8.25%, <br> 08/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5 | 5287 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Lowe's Companies Inc., 3.35%, 04/01/27 | &nbsp;&nbsp;&nbsp; $30 | $29495 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 7901 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20074 |
| McDonald's Corp., 4.95%, 08/14/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 40 | 40543 |
| Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 | &nbsp;&nbsp;&nbsp; 45 | 40999 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 | &nbsp;&nbsp;&nbsp; 44 | 29808 |
| Patrick Industries Inc., 6.38%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20004 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 157 | 161736 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 10562 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 17 | 15969 |
| Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6 | 5160 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 | &nbsp;&nbsp;&nbsp; 6 | 5881 |
| &nbsp;&nbsp;&nbsp; 8.13%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 77 | 82702 |
| Walmart Inc., 4.90%, 04/28/35 | &nbsp;&nbsp;&nbsp; 115 | 115821 |
|  |  | 1455980 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 | &nbsp;&nbsp;&nbsp; 40 | 36950 |
| &nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 | &nbsp;&nbsp;&nbsp; 100 | 87212 |
| Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 188489 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 19676 |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 | &nbsp;&nbsp;&nbsp; 350 | 348305 |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46 | 41619 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230 | 226405 |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110 | 105620 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/30 | &nbsp;&nbsp;&nbsp; 89 | 90884 |
| Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/28 | &nbsp;&nbsp;&nbsp; 270 | 276773 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/35 | &nbsp;&nbsp;&nbsp; 165 | 169179 |
| Texas Instruments Inc., 5.10%, 05/23/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 70 | 70939 |
|  |  | 1662051 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 | &nbsp;&nbsp;&nbsp; 170 | 171955 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/34 | &nbsp;&nbsp;&nbsp; 25 | 25290 |
| Autodesk Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/15/30 | &nbsp;&nbsp;&nbsp; 40 | 37307 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/15/35 | &nbsp;&nbsp;&nbsp; 20 | 20263 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co. Inc., 8.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5 | 4241 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 46 | 48992 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71 | 73476 |
| CoreWeave Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48 | 47916 |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 141 | 141717 |
| Dye & Durham Ltd., 8.63%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 36 | 37513 |
| Electronic Arts Inc., 1.85%, 02/15/31 | &nbsp;&nbsp;&nbsp; 100 | 86563 |
| Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/31 | &nbsp;&nbsp;&nbsp; 130 | 133619 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/02/28 | &nbsp;&nbsp;&nbsp; 390 | 398533 |
| Intuit Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/15/28 | &nbsp;&nbsp;&nbsp; 150 | 153914 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/33 | &nbsp;&nbsp;&nbsp; 20 | 20598 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 | &nbsp;&nbsp;&nbsp; $130 | $127459 |
| &nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 | &nbsp;&nbsp;&nbsp; 175 | 158645 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 | &nbsp;&nbsp;&nbsp; 110 | 102352 |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/27/29 | &nbsp;&nbsp;&nbsp; 50 | 49414 |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 | &nbsp;&nbsp;&nbsp; 67 | 62910 |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/34 | &nbsp;&nbsp;&nbsp; 90 | 86436 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/33 | &nbsp;&nbsp;&nbsp; 45 | 44843 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/32 | &nbsp;&nbsp;&nbsp; 50 | 51060 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/35 | &nbsp;&nbsp;&nbsp; 80 | 81102 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60 | 59588 |
| RingCentral Inc., 8.50%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 18 | 19192 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44 | 45217 |
|  |  | 2290115 |
| **Telecommunications — 4.8%** | **Telecommunications — 4.8%** | **Telecommunications — 4.8%** |
| AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 | &nbsp;&nbsp;&nbsp; 250 | 245441 |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 | &nbsp;&nbsp;&nbsp; 60 | 59813 |
| Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/24/32 | &nbsp;&nbsp;&nbsp; 70 | 71369 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/26/34 | &nbsp;&nbsp;&nbsp; 30 | 30537 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 03/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 129 | 129069 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19 | 19990 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 149 | 150457 |
| EchoStar Corp., 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp; 58 | 61117 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 80 | 77194 |
| Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 60 | 55466 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 15 | 11395 |
| Iliad Holding SASU, 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 21456 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42 | 36346 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 29 | 25043 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 43 | 39178 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60 | 60873 |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21 | 23703 |
| Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3 | 2688 |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28 | 28544 |
| Motorola Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 | &nbsp;&nbsp;&nbsp; 190 | 170643 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/23/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 67 | 67191 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 | &nbsp;&nbsp;&nbsp; 175 | 177446 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 | &nbsp;&nbsp;&nbsp; 230 | 238633 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21836 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 46 | 48384 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | &nbsp;&nbsp;&nbsp; 89 | 95997 |
| T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 | &nbsp;&nbsp;&nbsp; 490 | 481789 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 | &nbsp;&nbsp;&nbsp; 130 | 120856 |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 | &nbsp;&nbsp;&nbsp; 292 | 265448 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 | &nbsp;&nbsp;&nbsp; 150 | 145495 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/35 | &nbsp;&nbsp;&nbsp; 185 | 178720 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/35 | &nbsp;&nbsp;&nbsp; 75 | 75520 |
| Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 | &nbsp;&nbsp;&nbsp; 230 | 216899 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/35 | &nbsp;&nbsp;&nbsp; 45 | 45090 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Viasat Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $39 | $36839 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 143 | 124572 |
| Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84 | 77660 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/04/81, (5-year CMT + 3.073%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 19306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79, (5-year USD Swap + <br> 4.873%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 52338 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 58 | 60767 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 117 | 124628 |
|  |  | 3995736 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15083 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 28 | 29399 |
|  |  | 44482 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 76 | 76023 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45 | 46641 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | 36058 |
|  |  | 158722 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 | &nbsp;&nbsp;&nbsp; 35 | 34391 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/34 | &nbsp;&nbsp;&nbsp; 5 | 5066 |
| Essential Utilities Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 05/01/31 | &nbsp;&nbsp;&nbsp; 5 | 4408 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/34 | &nbsp;&nbsp;&nbsp; 15 | 15183 |
|  |  | 59048 |
| **Total Corporate Bonds & Notes — 93.0%** <br>**(Cost: $77,108,098)** | **Total Corporate Bonds & Notes — 93.0%** <br>**(Cost: $77,108,098)** | 78072303 |
| **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 30.8%** | **Mortgage-Backed Securities — 30.8%** | **Mortgage-Backed Securities — 30.8%** |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/57 | &nbsp;&nbsp;&nbsp; 45 | 41341 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/57 | &nbsp;&nbsp;&nbsp; 44 | 40962 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1075 | 867617 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1450 | 1219143 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 900 | 786259 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 650 | 583961 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 696 | 640860 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 525 | 498163 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 635 | 619662 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 675 | 673178 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 425 | 430694 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 325 | 333580 |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 452 | 398928 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1218 | 1105766 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4780 | 3738368 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 400 | 371326 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3580 | 2932829 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 430 | 407157 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/13/55<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1825 | 1561565 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 77 | 73763 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1325 | 1183527 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic 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; 4.00%, 08/15/39<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $310 | $300878 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1075 | 991370 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1058 | 1003506 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1025 | 997528 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1500 | 1492059 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1525 | 1546078 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/54<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 950 | 979842 |
|  |  | 25819910 |
| **Total U.S. Government Agency Obligations — 30.8%** <br>**(Cost: $25,808,819)** | **Total U.S. Government Agency Obligations — 30.8%** <br>**(Cost: $25,808,819)** | 25819910 |
| **Total Long-Term Investments — 123.8%** <br>**(Cost: $102,916,917)** | **Total Long-Term Investments — 123.8%** <br>**(Cost: $102,916,917)** | 103892213 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 14.2%** | **Money Market Funds — 14.2%** | **Money Market Funds — 14.2%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp; 11840711 | 11845448 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 100000 | 100000 |
| **Total Short-Term Securities — 14.2%** <br>**(Cost: $11,943,518)** | **Total Short-Term Securities — 14.2%** <br>**(Cost: $11,943,518)** | 11945448 |
| **Total Investments Before TBA Sales Commitments — 138.0%** <br>**(Cost: $114,860,435)** | **Total Investments Before TBA Sales Commitments — 138.0%** <br>**(Cost: $114,860,435)** | 115837661 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(f)</sup> | **TBA Sales Commitments**<sup>(f)</sup> | **TBA Sales Commitments**<sup>(f)</sup> |
| **Mortgage-Backed Securities — (1.5)%** | **Mortgage-Backed Securities — (1.5)%** | **Mortgage-Backed Securities — (1.5)%** |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/54 | &nbsp;&nbsp;&nbsp; (575)<br>| (471055)<br>|

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/54 | &nbsp;&nbsp;&nbsp; (200)<br>| $(184441)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/54 | &nbsp;&nbsp;&nbsp; (50)<br>| (47425)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/54 | &nbsp;&nbsp;&nbsp; (50)<br>| (49735)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/54 | &nbsp;&nbsp;&nbsp; (500)<br>| (515706)<br>|
| **Total TBA Sales Commitments — (1.5)%** <br>**(Proceeds: $(1267639))** | **Total TBA Sales Commitments — (1.5)%** <br>**(Proceeds: $(1267639))** | (1268362)<br>|
| **Total Investments, Net of TBA Sales Commitments — 136.5%** <br>**(Cost: $113,592,796)** | **Total Investments, Net of TBA Sales Commitments — 136.5%** <br>**(Cost: $113,592,796)** | 114569299 |
| **Liabilities in Excess of Other Assets — (36.5)%** | **Liabilities in Excess of Other Assets — (36.5)%** | (30630161)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $83939138 |

---

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

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

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

<sup>(c)</sup> 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>(d)</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>(e)</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>(f)</sup> Represents or includes a TBA transaction.

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 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>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $6006581<br> $5840684 <br><sup>(a)</sup><br>| $— | $(295)<br>| $(1522)<br>| $11845448 | 11840711 | $74156 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000<br> 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; 100000 | 100000 | &nbsp;&nbsp;&nbsp; 3259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $(295) | $(1522) | $11945448 |  | $77415 | $— |

---

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

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Treasury Note | 1 | 09/19/25 | &nbsp;&nbsp; $113 | $14 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 16 | 09/30/25 | &nbsp;&nbsp; 3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3715) |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 19 | 09/30/25 | &nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (16) | 09/19/25 | &nbsp;&nbsp; 1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10454) |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | (45) | 09/19/25 | &nbsp;&nbsp; 5137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93682) |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | (67) | 09/19/25 | &nbsp;&nbsp; 7852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98396) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (202532) |
|  |  |  |  | $(201833) |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78072303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78072303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 25819910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25819910 |
| &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; 11945448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11945448 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (1268362)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1268362)<br>|
|  | &nbsp;&nbsp; $11945448 | &nbsp;&nbsp; $102623851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114569299 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $4414 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4414 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® U.S. Fixed Income Balanced Risk Systematic ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $(206247)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206247)<br>|
|  | &nbsp;&nbsp; $(201833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(201833)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CMT | Constant Maturity Treasury |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** iShares Trust

- **b. Investment Company Act file number:** 811-09729

- **c. CIK number of Registrant:** 0001100663

- **d. LEI of Registrant:** 5493000860OXIC4B5K91

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

  - **Street Address 1:** 400 Howard Street

  - **City:** San Francisco

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-474-2737

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

- **a. Name of Series:** iShares U.S. Fixed Income Balanced Risk Systematic ETF

- **b. EDGAR series identifier (if any):** S000060088

- **c. LEI of Series:** 549300SHI6TGK0Y81802

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $122792019.44

**Total Liabilities:** $38851417.77

**Net Assets:** $83940601.67

**Delayed Delivery Securities:** $908860.24

**Cash Not Reported:** $832432.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 139.90000000 | **1-Year:** 2013.97000000 | **5-Year:** 22268.60000000 | **10-Year:** 12420.78000000 | **30-Year:** 0.00000000

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

- **3-Month:** 92.06000000 | **1-Year:** 464.13000000 | **5-Year:** 4686.43000000 | **10-Year:** 508.26000000 | **30-Year:** 66.92000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196720 | 0.64%                | 1.37%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-100578.30              | $-101256.79                                |
| Month 2  | $-69836.22               | $1051917.79                                |
| Month 3  | $143787.15               | $-437850.98                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                        | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20476.08     | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | 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        |     12000 | PA      | $10654.10     | 0.01%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91163.52     | 0.11%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                          | Universal Health Services Inc                                                    | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     63000 | PA      | $59901.60     | 0.07%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                      | PG&E Corp                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    108000 | PA      | $105396.64    | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                            | Southern California Edison Co                                                    | CUSIP: 842400HM8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43247.43     | 0.05%             | 2032-02-01      | Fixed         | 2.75%                 | 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        |     34000 | PA      | $32530.22     | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                              | Brown & Brown Inc                                                                | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    180000 | PA      | $158071.76    | 0.19%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                           | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     82000 | PA      | $83598.45     | 0.10%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| GCI LLC                                        | GCI LLC                                                                          | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77194.23     | 0.09%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     56000 | PA      | $58630.79     | 0.07%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                             | Meta Platforms Inc                                                               | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    185000 | PA      | $176856.03    | 0.21%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                       | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27442.92     | 0.03%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                         | Sempra                                                                           | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48629.86     | 0.06%             | 2028-02-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88841.72     | 0.11%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                | McDonald's Corp                                                                  | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40543.07     | 0.05%             | 2033-08-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| NEPTUNE BIDCO US INC                           | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26135.23     | 0.03%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062689<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    950000 | PA      | $979841.67    | 1.17%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                            | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     71000 | PA      | $74283.52     | 0.09%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    540000 | PA      | $533645.62    | 0.64%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PUB SVC NEW HAMP                               | Public Service Co of New Hampshire                                               | CUSIP: 744538AE9<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17547.51     | 0.02%             | 2031-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: —       |
| LPL HOLDINGS INC                               | LPL Holdings Inc                                                                 | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80301.11     | 0.10%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                            | Elevance Health Inc                                                              | CUSIP: 036752AB9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98392.79     | 0.12%             | 2027-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                           | Waste Management Inc                                                             | CUSIP: 94106LBY4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158538.21    | 0.19%             | 2031-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                           | Bank of America Corp                                                             | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44398.40     | 0.05%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21285.00     | 0.03%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475AW5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97021.34     | 0.12%             | 2029-04-23      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25128.46     | 0.03%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                    | Southern Co/The                                                                  | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10170.22     | 0.01%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BE4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58467.48     | 0.07%             | 2033-06-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173842.26    | 0.21%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TYCO ELECTRONICS GROUP S                       | Tyco Electronics Group SA                                                        | CUSIP: 902133BD8<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    140000 | PA      | $139987.46    | 0.17%             | 2035-05-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| COCA-COLA CO/THE                               | Coca-Cola Co/The                                                                 | CUSIP: 191216DR8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40977.71     | 0.05%             | 2034-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H020683<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1075000 | PA      | $867616.76    | 1.03%             | 2054-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                        | Essential Utilities Inc                                                          | CUSIP: 29670GAF9<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4408.39      | 0.01%             | 2031-05-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                           | Royal Bank of Canada                                                             | CUSIP: 78016HZS2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $174182.05    | 0.21%             | 2028-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                    | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     96000 | PA      | $71169.96     | 0.08%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nordstrom Inc                                  | Nordstrom Inc                                                                    | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     44000 | PA      | $29807.62     | 0.04%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                              | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52060.55     | 0.06%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | Century Aluminum Co                                                              | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41408.06     | 0.05%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                         | Darden Restaurants Inc                                                           | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59698.81     | 0.07%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                    | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12324.75     | 0.01%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                       | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $55466.19     | 0.07%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H062685<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $205280.33    | 0.24%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $7901.39      | 0.01%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                       | Florida Power & Light Co                                                         | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133476.61    | 0.16%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                               | Altria Group Inc                                                                 | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54862.01     | 0.07%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                           | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     15000 | PA      | $15006.32     | 0.02%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     54000 | PA      | $58264.64     | 0.07%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent LP                                                         | CUSIP: 02666TAB3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |     30000 | PA      | $30281.21     | 0.04%             | 2029-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                 | Mastercard Inc                                                                   | CUSIP: 57636QBC7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97639.70     | 0.12%             | 2035-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142449.93    | 0.17%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                           | Bank of America Corp                                                             | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148870.20    | 0.18%             | 2027-04-23      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                       | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10562.20     | 0.01%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     71000 | PA      | $72848.51     | 0.09%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                           | Verisk Analytics Inc                                                             | CUSIP: 92345YAH9<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52332.01     | 0.06%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                       | Plains All American Pipeline LP                                                  | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35927.16     | 0.04%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Union Electric Co                              | Union Electric Co                                                                | CUSIP: 906548CM2<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39092.64     | 0.05%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                      | Jabil Inc                                                                        | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    165000 | PA      | $161646.72    | 0.19%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: —       |
| 3M COMPANY                                     | 3M Co                                                                            | CUSIP: 88579YAY7<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48539.59     | 0.06%             | 2027-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                       | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BL3<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     50000 | PA      | $47450.12     | 0.06%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                     | Phinia Inc                                                                       | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47345.77     | 0.06%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                  | DTE Energy Co                                                                    | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66124.58     | 0.08%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                   | US Foods Inc                                                                     | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33341.57     | 0.04%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| SOUTHERN CAL EDISON                            | Southern California Edison Co                                                    | CUSIP: 842400GS6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23190.86     | 0.03%             | 2029-08-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: —       |
| UNITI GROUP/CSL CAPITAL                        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     22000 | PA      | $21400.18     | 0.03%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                       | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $54958.75     | 0.07%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                 | S&P Global Inc                                                                   | CUSIP: 78409VBK9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    245000 | PA      | $221326.93    | 0.26%             | 2032-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    205000 | PA      | $208288.16    | 0.25%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                      | Jabil Inc                                                                        | CUSIP: 46656PAA2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96884.51     | 0.12%             | 2029-02-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                         | Pacific Gas and Electric Co                                                      | CUSIP: 694308KX4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10188.00     | 0.01%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| MANUF & TRADERS TRUST CO                       | Manufacturers & Traders Trust Co                                                 | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499822.48    | 0.60%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228297.84    | 0.27%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| VF CORP                                        | VF Corp                                                                          | CUSIP: 918204AT5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22398.66     | 0.03%             | 2037-11-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                 | Eli Lilly & Co                                                                   | CUSIP: 532457CU0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50488.46     | 0.06%             | 2028-02-12      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                              | Ivanhoe Mines Ltd                                                                | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $64334.77     | 0.08%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ACS2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120855.68    | 0.14%             | 2029-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                  | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13630.81     | 0.02%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $114114.00    | 0.14%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                         | Marriott International Inc/MD                                                    | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    155000 | PA      | $140423.39    | 0.17%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                             | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     85000 | PA      | $86879.21     | 0.10%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                        | Southwestern Electric Power Co                                                   | CUSIP: 845437BS0<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88392.86     | 0.11%             | 2026-03-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                    | Cencora Inc                                                                      | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13022.84     | 0.02%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| TEXAS INSTRUMENTS INC                          | Texas Instruments Inc                                                            | CUSIP: 882508CM4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70939.15     | 0.08%             | 2035-05-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $57802.20     | 0.07%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| HRT DNT / HRT DNT FIN                          | Heartland Dental LLC / Heartland Dental Finance Corp                             | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10548.55     | 0.01%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    292000 | PA      | $265448.15    | 0.32%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                       | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     14000 | PA      | $14176.66     | 0.02%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                              | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26514.69     | 0.03%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92437.77     | 0.11%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                    | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37436.37     | 0.04%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93737.23     | 0.11%             | 2031-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $59657.03     | 0.07%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| GENERAL DYNAMICS CORP                          | General Dynamics Corp                                                            | CUSIP: 369550BM9<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58261.15     | 0.07%             | 2030-04-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: —       |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    330000 | PA      | $330040.47    | 0.39%             | 2027-01-26      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                               | Enstar Group Ltd                                                                 | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     44000 | PA      | $38708.94     | 0.05%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AC2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5880.77      | 0.01%             | 2044-11-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494198.05    | 0.59%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                        | John Deere Capital Corp                                                          | CUSIP: 24422EVD8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46202.88     | 0.06%             | 2030-01-09      | Fixed         | 2.45%                 | 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        |     19000 | PA      | $19521.60     | 0.02%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    340000 | PA      | $296935.25    | 0.35%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                      | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79159.36     | 0.09%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56255.58     | 0.07%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                     | AbbVie Inc                                                                       | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    190000 | PA      | $186674.08    | 0.22%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $93991.11     | 0.11%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    160000 | PA      | $173506.21    | 0.21%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27933.49     | 0.03%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                          | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15593.88     | 0.02%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                  | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19989.67     | 0.02%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                            | Coinbase Global Inc                                                              | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5372.04      | 0.01%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: —       |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     83000 | PA      | $85116.24     | 0.10%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     23000 | PA      | $23102.50     | 0.03%             | 2030-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| EQUIPMENTSHARE.COM INC                         | EquipmentShare.com Inc                                                           | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10542.69     | 0.01%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     43000 | PA      | $39624.34     | 0.05%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                         | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53599.30     | 0.06%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     23000 | PA      | $23660.71     | 0.03%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                             | SunCoke Energy Inc                                                               | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10968.46     | 0.01%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMDOCS LTD                                     | Amdocs Ltd                                                                       | CUSIP: 02342TAE9<br>LEI: 549300HQV672RJ7RQV66 | Long             | DBT              | CORP              | GG        |    213000 | PA      | $192245.06    | 0.23%             | 2030-06-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                              | CBRE Services Inc                                                                | CUSIP: 12505BAH3<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92740.26     | 0.11%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                    | Exelon Corp                                                                      | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30749.40     | 0.04%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| COMCAST CORP                                   | Comcast Corp                                                                     | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191099.72    | 0.23%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                   | NiSource Inc                                                                     | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139787.57    | 0.17%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10125.40     | 0.01%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     29000 | PA      | $31384.10     | 0.04%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                            | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6152.92      | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| SCRIPPS ESCROW II INC                          | Scripps Escrow II Inc                                                            | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $79912.33     | 0.10%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| DELL INT LLC / EMC CORP                        | Dell International LLC / EMC Corp                                                | CUSIP: 24703DBJ9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102080.67    | 0.12%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                 | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10147.62     | 0.01%             | 2030-08-01      | Fixed         | 6.13%                 | 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        |     15000 | PA      | $15383.55     | 0.02%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    225000 | PA      | $201756.67    | 0.24%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                          | Truist Financial Corp                                                            | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169862.86    | 0.20%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                             | Diageo Capital PLC                                                               | CUSIP: 25243YBE8<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $170204.43    | 0.20%             | 2032-04-29      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                  | Citigroup Inc                                                                    | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197942.59    | 0.24%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                         | ConocoPhillips Co                                                                | CUSIP: 20826FBL9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94402.20     | 0.11%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                             | Southwest Gas Corp                                                               | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33139.70     | 0.04%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    154000 | PA      | $158454.97    | 0.19%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020489<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1218187 | PA      | $1105765.58   | 1.32%             | 2039-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO                       | Manufacturers & Traders Trust Co                                                 | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70390.49     | 0.08%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10522.71     | 0.01%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                           | Appalachian Power Co                                                             | CUSIP: 037735DA2<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19545.38     | 0.02%             | 2032-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                         | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15357.14     | 0.02%             | 2033-03-15      | Fixed         | 6.38%                 | 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        |     45000 | PA      | $43990.09     | 0.05%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                           | Dye & Durham Ltd                                                                 | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     36000 | PA      | $37513.53     | 0.04%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    490000 | PA      | $481789.45    | 0.57%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                       | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9184.15      | 0.01%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15193.76     | 0.02%             | 2030-03-15      | Fixed         | 6.63%                 | 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        |     48000 | PA      | $47929.74     | 0.06%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                 | Merck & Co Inc                                                                   | CUSIP: 58933YBK0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64440.40     | 0.08%             | 2033-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| PANTHER ESCROW ISSUER                          | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38245.21     | 0.05%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108336.41    | 0.13%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                        | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCF9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48089.27     | 0.06%             | 2032-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                       | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7966.39      | 0.01%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                         | CenterPoint Energy Inc                                                           | CUSIP: 15189TBB2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17818.45     | 0.02%             | 2031-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67979.03     | 0.08%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12752.98     | 0.02%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                         | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 960386AS9<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30330.40     | 0.04%             | 2030-05-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25113.49     | 0.03%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                           | Wolverine World Wide Inc                                                         | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |     33000 | PA      | $29732.77     | 0.04%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45495.23     | 0.05%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40407.22     | 0.05%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| FLORIDA POWER & LIGHT CO                       | Florida Power & Light Co                                                         | CUSIP: 341081GG6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79344.05     | 0.09%             | 2032-02-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    185000 | PA      | $178720.45    | 0.21%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                 | SEAGATE DATA STOR                                                                | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     49000 | PA      | $52228.33     | 0.06%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H032688<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    650000 | PA      | $583961.06    | 0.70%             | 2054-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                             | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     13000 | PA      | $13983.26     | 0.02%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60872.59     | 0.07%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                           | Alta Equipment Group Inc                                                         | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18996.20     | 0.02%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| DELEK LOG PART/FINANCE                         | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $137328.30    | 0.16%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                  | McKesson Corp                                                                    | CUSIP: 581557BQ7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54293.56     | 0.06%             | 2025-12-03      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030488<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    255000 | PA      | $241453.43    | 0.29%             | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                            | Cardinal Health Inc                                                              | CUSIP: 14149YBJ6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98199.10     | 0.12%             | 2027-06-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                               | Enstar Group Ltd                                                                 | CUSIP: 29359UAB5<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     25000 | PA      | $25078.87     | 0.03%             | 2029-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| CONNECT FINCO SARL/CONNE                       | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    149000 | PA      | $150456.69    | 0.18%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35327.02     | 0.04%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29797.46     | 0.04%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49413.55     | 0.06%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                        | Connecticut Light and Power Co/The                                               | CUSIP: 207597ET8<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30525.97     | 0.04%             | 2030-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81101.88     | 0.10%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $286804.81    | 0.34%             | 2030-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                               | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48411.48     | 0.06%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                         | Diamondback Energy Inc                                                           | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10031.76     | 0.01%             | 2034-04-18      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                                  | CUSIP: 37045XDH6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141598.03    | 0.17%             | 2028-04-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     23000 | PA      | $19675.81     | 0.02%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                 | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     40000 | PA      | $40715.83     | 0.05%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H060689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    425000 | PA      | $430694.14    | 0.51%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     58000 | PA      | $61116.63     | 0.07%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $106235.13    | 0.13%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46325.03     | 0.06%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: —       |
| Hexcel Corp                                    | Hexcel Corp                                                                      | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89060.80     | 0.11%             | 2027-02-15      | Fixed         | 4.20%                 | 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        |     76000 | PA      | $68965.73     | 0.08%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     51000 | PA      | $45000.71     | 0.05%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $120740.93    | 0.14%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75519.80     | 0.09%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                         | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62022.74     | 0.07%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                           | WEC Energy Group Inc                                                             | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11114.31     | 0.01%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                             | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5080.53      | 0.01%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                       | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    101000 | PA      | $60600.05     | 0.07%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23508.67     | 0.03%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15328.17     | 0.02%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                   | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14413.19     | 0.02%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                       | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $91701.47     | 0.11%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                         | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PAS1<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138944.17    | 0.17%             | 2026-01-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                       | Willis North America Inc                                                         | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285556.59    | 0.34%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                 | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    157000 | PA      | $153848.62    | 0.18%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PROGRESSIVE CORP                               | Progressive Corp/The                                                             | CUSIP: 743315AW3<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34228.26     | 0.04%             | 2030-03-26      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                              | Brown & Brown Inc                                                                | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50064.25     | 0.06%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                        | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100884.13    | 0.12%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     90000 | PA      | $98719.53     | 0.12%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                        | Essential Utilities Inc                                                          | CUSIP: 29670GAH5<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15183.24     | 0.02%             | 2034-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                       | AT&T Inc                                                                         | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245440.99    | 0.29%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                            | Elevance Health Inc                                                              | CUSIP: 036752AG8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19845.01     | 0.02%             | 2028-03-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                         | Darden Restaurants Inc                                                           | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21300.00     | 0.03%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                      | Boeing Co/The                                                                    | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104736.28    | 0.12%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                  | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53489.43     | 0.06%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                         | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30634.55     | 0.04%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                               | Puget Energy Inc                                                                 | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9397.32      | 0.01%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                        | Public Service Electric and Gas Co                                               | CUSIP: 74456QCL8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9912.52      | 0.01%             | 2033-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $129173.64    | 0.15%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                | Cigna Group/The                                                                  | CUSIP: 125523CB4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196833.57    | 0.23%             | 2027-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO                           | Sagicor Financial Co Ltd                                                         | CUSIP: 78669QAA8<br>LEI: 984500P7FADAA3A50B04 | Long             | DBT              | CORP              | BM        |     17000 | PA      | $16958.71     | 0.02%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41643.10     | 0.05%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                         | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     84000 | PA      | $82702.65     | 0.10%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61639.18     | 0.07%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     98000 | PA      | $106183.65    | 0.13%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                       | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104000 | PA      | $113428.69    | 0.14%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: —       |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     81000 | PA      | $81161.81     | 0.10%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                     | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    143000 | PA      | $124571.94    | 0.15%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Chicago Board of Trade                         | US LONG BOND(CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -45 | NC      | $-93681.94    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| EW SCRIPPS CO                                  | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14906.96     | 0.02%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                            | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     37000 | PA      | $33409.92     | 0.04%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                  | Allstate Corp/The                                                                | CUSIP: 020002BL4<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71484.69     | 0.09%             | 2029-06-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                          | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $10095.48     | 0.01%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                              | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    110000 | PA      | $114149.46    | 0.14%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                           | M&T Bank Corp                                                                    | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    215000 | PA      | $232560.98    | 0.28%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: —       |
| ONEOK Inc                                      | ONEOK Inc                                                                        | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150155.45    | 0.18%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                     | Viasat Inc                                                                       | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36839.09     | 0.04%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                       | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $12669.69     | 0.02%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                         | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24546.30     | 0.03%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                   | ING Groep NV                                                                     | CUSIP: 456837BS1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    230000 | PA      | $234127.22    | 0.28%             | 2036-03-25      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                   | AES Corp/The                                                                     | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30931.30     | 0.04%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: —       |
| GLP CAPITAL LP / FIN II                        | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              |  | US        |     89000 | PA      | $89870.21     | 0.11%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                                              | CUSIP: 025816DR7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146019.22    | 0.17%             | 2035-04-25      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc                                                           | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67191.06     | 0.08%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| APPALACHIAN POWER CO                           | Appalachian Power Co                                                             | CUSIP: 037735DB0<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46293.35     | 0.06%             | 2034-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                       | Western Midstream Operating LP                                                   | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22549.50     | 0.03%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61812.97     | 0.07%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                 | PECO Energy Co                                                                   | CUSIP: 693304BF3<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10109.87     | 0.01%             | 2033-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     46000 | PA      | $48992.06     | 0.06%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    295000 | PA      | $301991.92    | 0.36%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $106038.72    | 0.13%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    103000 | PA      | $101603.90    | 0.12%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                        | Entergy Mississippi LLC                                                          | CUSIP: 29366WAD8<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10045.32     | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NVR INC                                        | NVR Inc                                                                          | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |    195000 | PA      | $181979.78    | 0.22%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                            | Cardinal Health Inc                                                              | CUSIP: 14149YBR8<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    197000 | PA      | $199882.03    | 0.24%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                           | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12378.47     | 0.01%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85198.28     | 0.10%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |     24000 | PA      | $23602.44     | 0.03%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                   | Tapestry Inc                                                                     | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96218.66     | 0.11%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                         | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCU2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45402.68     | 0.05%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                          | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    157000 | PA      | $161735.71    | 0.19%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lear Corp                                      | Lear Corp                                                                        | CUSIP: 521865AY1<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32479.28     | 0.04%             | 2027-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H042687<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    525000 | PA      | $498162.82    | 0.59%             | 2054-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $72558.72     | 0.09%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513AU9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1951.21      | 0.00%             | 2028-01-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    104000 | PA      | $114351.61    | 0.14%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                      | Kroger Co/The                                                                    | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44476.54     | 0.05%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                       | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20297.82     | 0.02%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H052686<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    650000 | PA      | $648245.66    | 0.77%             | 2054-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                                              | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37802.45     | 0.05%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22678.91     | 0.03%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40343.33     | 0.05%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                             | Diageo Capital PLC                                                               | CUSIP: 25243YBG3<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204097.07    | 0.24%             | 2027-10-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AUTOMATIC DATA PROCESSNG                       | Automatic Data Processing Inc                                                    | CUSIP: 053015AJ2<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121257.54    | 0.14%             | 2032-05-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                         | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $15805.54     | 0.02%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                       | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36223.37     | 0.04%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     66000 | PA      | $66209.59     | 0.08%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BZ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46797.96     | 0.06%             | 2035-07-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                        | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAA7<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    190000 | PA      | $165390.88    | 0.20%             | 2031-11-09      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                            | FS KKR Capital Corp                                                              | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    210000 | PA      | $201872.95    | 0.24%             | 2027-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                      | IDEX Corp                                                                        | CUSIP: 45167RAG9<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    290000 | PA      | $269347.56    | 0.32%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25431.02     | 0.03%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                              | Iliad Holding SASU                                                               | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $21456.17     | 0.03%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Avnet Inc                                      | Avnet Inc                                                                        | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99787.66     | 0.12%             | 2026-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                           | National Fuel Gas Co                                                             | CUSIP: 636180BU4<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51135.01     | 0.06%             | 2035-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                          | Universal Health Services Inc                                                    | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     90000 | PA      | $76214.50     | 0.09%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                         | Toll Brothers Finance Corp                                                       | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $278694.53    | 0.33%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: —       |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7828.71      | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17246.73     | 0.02%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                             | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     54000 | PA      | $56438.83     | 0.07%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                  | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    141000 | PA      | $141716.58    | 0.17%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                        | Public Service Co of Colorado                                                    | CUSIP: 744448CZ2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20288.85     | 0.02%             | 2034-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                        | Simon Property Group LP                                                          | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     90000 | PA      | $87622.27     | 0.10%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPER LP                        | Sun Communities Operating LP                                                     | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              |  | US        |    160000 | PA      | $141605.40    | 0.17%             | 2031-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                      | ONEOK Inc                                                                        | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    105000 | PA      | $111890.65    | 0.13%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                          | Accenture Capital Inc                                                            | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9673.73      | 0.01%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35312.87     | 0.04%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                    | Southern Co/The                                                                  | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31442.91     | 0.04%             | 2032-10-15      | Fixed         | 5.70%                 | 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        |     25000 | PA      | $26412.35     | 0.03%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                             | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $111721.74    | 0.13%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| ZIMMER BIOMET HOLDINGS                         | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PAX0<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113060.92    | 0.13%             | 2028-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     63000 | PA      | $64882.02     | 0.08%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                         | Coca-Cola Femsa SAB de CV                                                        | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $185761.28    | 0.22%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                              | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34566.65     | 0.04%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                         | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15208.10     | 0.02%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                       | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     75000 | PA      | $64717.57     | 0.08%             | 2033-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                           | M&T Bank Corp                                                                    | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105117.27    | 0.13%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     70000 | PA      | $77098.75     | 0.09%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                            | Southern California Edison Co                                                    | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45766.20     | 0.05%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24260.27     | 0.03%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                       | International Business Machines Corp                                             | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269687.64    | 0.32%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                   | NiSource Inc                                                                     | CUSIP: 65473PAL9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51201.24     | 0.06%             | 2031-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                                              | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156046.45    | 0.19%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                              | Union Electric Co                                                                | CUSIP: 906548CT7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42921.93     | 0.05%             | 2032-03-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                       | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      1492 | PA      | $1473.40      | 0.00%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| GAP INC/THE                                    | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     41000 | PA      | $36430.39     | 0.04%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                       | Compass Minerals International Inc                                               | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     68000 | PA      | $70451.61     | 0.08%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| MPLX LP                                        | MPLX LP                                                                          | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137627.26    | 0.16%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                         | Pacific Gas and Electric Co                                                      | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18036.49     | 0.02%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172DD8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41664.47     | 0.05%             | 2030-09-07      | Fixed         | 5.50%                 | 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        |     20000 | PA      | $20012.65     | 0.02%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30800.50     | 0.04%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                         | Sempra                                                                           | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15150.27     | 0.02%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     96000 | PA      | $97006.12     | 0.12%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                        | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     27000 | PA      | $25776.65     | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                        | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155431.80    | 0.19%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                       | American Water Capital Corp                                                      | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34390.60     | 0.04%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                       | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |     55000 | PA      | $53481.25     | 0.06%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68390.06     | 0.08%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ALTRIA GROUP INC                               | Altria Group Inc                                                                 | CUSIP: 02209SBR3<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     60000 | PA      | $66756.93     | 0.08%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                        | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     82000 | PA      | $83430.45     | 0.10%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                            | Amer Sports Co                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36421.27     | 0.04%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    175000 | PA      | $158644.57    | 0.19%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                         | Pacific Gas and Electric Co                                                      | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39212.14     | 0.05%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HDE2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51586.82     | 0.06%             | 2030-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                            | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   7238857 | NS      | $7241752.40   | 8.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                               | Black Hills Corp                                                                 | CUSIP: 092113AL3<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49733.80     | 0.06%             | 2026-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                         | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607LSL8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101090.46    | 0.12%             | 2026-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513CA1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1796.33      | 0.00%             | 2032-03-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20317.08     | 0.02%             | 2035-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                   | Entergy Corp                                                                     | CUSIP: 29364GAP8<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70217.42     | 0.08%             | 2031-06-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     66000 | PA      | $69488.78     | 0.08%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                       | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36849.33     | 0.04%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                 | Home Depot Inc/The                                                               | CUSIP: 437076CP5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46083.05     | 0.05%             | 2032-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     89000 | PA      | $95996.75     | 0.11%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                      | IDEX Corp                                                                        | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    140000 | PA      | $124832.09    | 0.15%             | 2031-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                              | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $103231.88    | 0.12%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HBN4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19786.16     | 0.02%             | 2027-03-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| AMERICAN WATER CAPITAL C                       | American Water Capital Corp                                                      | CUSIP: 03040WBD6<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5065.56      | 0.01%             | 2034-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                            | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    129000 | PA      | $135752.96    | 0.16%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                         | Stena International SA                                                           | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     18000 | PA      | $18541.95     | 0.02%             | 2031-02-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                       | Packaging Corp of America                                                        | CUSIP: 695156AX7<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119526.87    | 0.14%             | 2033-12-01      | Fixed         | 5.70%                 | 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        |     39000 | PA      | $39870.10     | 0.05%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                   | VeriSign Inc                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115660.93    | 0.14%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 2YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        19 | NC      | $-6078.51     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14541.14     | 0.02%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24889.99     | 0.03%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                                                   | CUSIP: 61746BDZ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99610.40     | 0.12%             | 2026-01-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| ANALOG DEVICES INC                             | Analog Devices Inc                                                               | CUSIP: 032654AV7<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87211.74     | 0.10%             | 2031-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MAXIM CRANE WORKS LLC                          | Maxim Crane Works Holdings Capital LLC                                           | CUSIP: 57779EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $21212.23     | 0.03%             | 2028-09-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| CITIBANK NA                                    | Citibank NA                                                                      | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45183.46     | 0.05%             | 2027-11-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75451.15     | 0.09%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                              | Sysco Corp                                                                       | CUSIP: 871829BF3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9782.22      | 0.01%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PRIMERICA INC                                  | Primerica Inc                                                                    | CUSIP: 74164MAB4<br>LEI: 254900621R686KJR7022 | Long             | DBT              | CORP              | US        |    105000 | PA      | $93640.28     | 0.11%             | 2031-11-19      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                                  | CUSIP: 37045XCG9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48995.03     | 0.06%             | 2028-01-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                 | S&P Global Inc                                                                   | CUSIP: 78409VAM6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102966.63    | 0.12%             | 2027-01-22      | Fixed         | 2.95%                 | 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        |     20000 | PA      | $20049.94     | 0.02%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                       | Public Service Enterprise Group Inc                                              | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17254.10     | 0.02%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                         | Toll Brothers Finance Corp                                                       | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29121.16     | 0.03%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: —       |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     29000 | PA      | $25043.21     | 0.03%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| CONSUMERS ENERGY CO                            | Consumers Energy Co                                                              | CUSIP: 210518DP8<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27891.62     | 0.03%             | 2032-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| EAGLE MATERIALS                                | Eagle Materials Inc                                                              | CUSIP: 26969PAB4<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |    123000 | PA      | $108687.61    | 0.13%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226404.79    | 0.27%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                                | RingCentral Inc                                                                  | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19192.49     | 0.02%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| VT TOPCO INC                                   | VT Topco Inc                                                                     | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10646.76     | 0.01%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                    | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    140000 | PA      | $144494.13    | 0.17%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022485<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $371326.10    | 0.44%             | 2039-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBA4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    103000 | PA      | $99799.03     | 0.12%             | 2027-01-26      | Fixed         | 2.05%                 | No            |                  2 | On Loan: —       |
| TARGA RESOURCES PARTNERS                       | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $118695.53    | 0.14%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                        | Light & Wonder International Inc                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20535.00     | 0.02%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                       | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     61000 | PA      | $63624.91     | 0.08%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN                       | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                    | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $17737.35     | 0.02%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     59000 | PA      | $60641.72     | 0.07%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| DIVERSIFIED HEALTHCARE T                       | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              |  | US        |     37000 | PA      | $30899.11     | 0.04%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                  | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7054.49      | 0.01%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54631.46     | 0.07%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21050.25     | 0.03%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                          | Micron Technology Inc                                                            | CUSIP: 595112CE1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169179.45    | 0.20%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECH                      | SEAGATE DATA STORAGE TECH                                                        | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    100000 | PA      | $112409.11    | 0.13%             | 2032-12-01      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                     | US Bancorp                                                                       | CUSIP: 91159HHR4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98098.02     | 0.12%             | 2027-04-27      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                                  | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41228.45     | 0.05%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203036.93    | 0.24%             | 2029-01-19      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                        | Astrazeneca Finance LLC                                                          | CUSIP: 04636NAE3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187217.56    | 0.22%             | 2028-05-28      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FORTINET INC                                   | Fortinet Inc                                                                     | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28126.78     | 0.03%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                       | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     25000 | PA      | $25506.19     | 0.03%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| SOUTHERN CALIF GAS CO                          | Southern California Gas Co                                                       | CUSIP: 842434CZ3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10141.65     | 0.01%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                              | Kinder Morgan Inc                                                                | CUSIP: 49456BAZ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147663.67    | 0.18%             | 2029-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                           | Royal Bank of Canada                                                             | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $121343.46    | 0.14%             | 2029-01-24      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25685.17     | 0.03%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| US FOODS INC                                   | US Foods Inc                                                                     | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33760.77     | 0.04%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38577.85     | 0.05%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| BLUE OWL FINANCE LLC                           | Blue Owl Finance LLC                                                             | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77295.46     | 0.09%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                           | Royal Bank of Canada                                                             | CUSIP: 78016EYV3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $96843.31     | 0.12%             | 2027-01-21      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     77000 | PA      | $82701.99     | 0.10%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| INTERCONTINENTALEXCHANGE                       | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAN4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $165706.27    | 0.20%             | 2032-09-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99022.11     | 0.12%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $203415.47    | 0.24%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp                                  | DISH DBS Corp                                                                    | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24000 | PA      | $21330.67     | 0.03%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD                        | Perenti Finance Pty Ltd                                                          | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |     50000 | PA      | $51562.08     | 0.06%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F012486<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    451813 | PA      | $398927.62    | 0.48%             | 2039-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                          | Micron Technology Inc                                                            | CUSIP: 595112CA9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    270000 | PA      | $276772.85    | 0.33%             | 2028-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040487<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    235000 | PA      | $228084.66    | 0.27%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24948.46     | 0.03%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                 | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69385.36     | 0.08%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                   | Autodesk Inc                                                                     | CUSIP: 052769AG1<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37307.04     | 0.04%             | 2030-01-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5160.00      | 0.01%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| CUSHMAN & WAKEFIELD US                         | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14101.05     | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                       | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46852.00     | 0.06%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| ARSENAL AIC PARENT LLC                         | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10596.61     | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                        | DCP Midstream Operating LP                                                       | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4458.11      | 0.01%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| FACTSET RESEARCH SYSTEMS                       | FactSet Research Systems Inc                                                     | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    275000 | PA      | $268540.07    | 0.32%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                       | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              |  | US        |     11000 | PA      | $11237.97     | 0.01%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                   | AutoZone Inc                                                                     | CUSIP: 053332BK7<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76550.32     | 0.09%             | 2034-07-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| AVIS BUDGET CAR/FINANCE                        | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $22460.33     | 0.03%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                               | ERP Operating LP                                                                 | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |     35000 | PA      | $33861.18     | 0.04%             | 2034-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ELECTRONIC ARTS INC                            | Electronic Arts Inc                                                              | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86562.54     | 0.10%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 949746TB7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33296.65     | 0.04%             | 2029-11-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                       | Western Midstream Operating LP                                                   | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83401.50     | 0.10%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                           | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42088.70     | 0.05%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                  | Nordstrom Inc                                                                    | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40999.35     | 0.05%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                             | Analog Devices Inc                                                               | CUSIP: 032654AU9<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36950.26     | 0.04%             | 2028-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $50819.64     | 0.06%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    151000 | PA      | $155237.64    | 0.18%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                         | Pacific Gas and Electric Co                                                      | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48045.01     | 0.06%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33679.38     | 0.04%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                          | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41143.44     | 0.05%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                              | Newmark Group Inc                                                                | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2000 | PA      | $2123.04      | 0.00%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                              | Brown & Brown Inc                                                                | CUSIP: 115236AB7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77607.85     | 0.09%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030686<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1825000 | PA      | $1561564.74   | 1.86%             | 2055-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9985.62      | 0.01%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                                      | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33871.93     | 0.04%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| CHEVRON USA INC                                | Chevron USA Inc                                                                  | CUSIP: 166756BF2<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30229.49     | 0.04%             | 2035-04-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                            | Global Payments Inc                                                              | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97943.15     | 0.12%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                         | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607LNG4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25414.26     | 0.03%             | 2028-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FCF6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     89000 | PA      | $90884.46     | 0.11%             | 2030-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                        | Honeywell International Inc                                                      | CUSIP: 438516BL9<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58659.29     | 0.07%             | 2026-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24457.65     | 0.03%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| COMMSCOPE LLC                                  | CommScope LLC                                                                    | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    129000 | PA      | $129068.91    | 0.15%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31594.05     | 0.04%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RALPH LAUREN CORP                              | Ralph Lauren Corp                                                                | CUSIP: 751212AD3<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101264.09    | 0.12%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                              | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |     18000 | PA      | $20222.99     | 0.02%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $125050.89    | 0.15%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                          | Quest Diagnostics Inc                                                            | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115497.46    | 0.14%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| OXFORD FIN LLC/CO-ISS II                       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                             | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11993.10     | 0.01%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                          | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5106.98      | 0.01%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                           | Vermilion Energy Inc                                                             | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9450.71      | 0.01%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| TEGNA INC                                      | TEGNA Inc                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     83000 | PA      | $79784.66     | 0.10%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184446.95    | 0.22%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                                   | Tapestry Inc                                                                     | CUSIP: 189754AC8<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49607.53     | 0.06%             | 2027-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                        | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |     52000 | PA      | $47702.92     | 0.06%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                  | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29343.14     | 0.03%             | 2028-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                  | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171954.63    | 0.20%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                               | Welltower OP LLC                                                                 | CUSIP: 95040QAN4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    140000 | PA      | $129524.71    | 0.15%             | 2029-01-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                        | Fidelity National Financial Inc                                                  | CUSIP: 31620RAH8<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208954.49    | 0.25%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                            | Ithaca Energy North Sea PLC                                                      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |     66000 | PA      | $68244.35     | 0.08%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                     | Leidos Inc                                                                       | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     85000 | PA      | $74450.85     | 0.09%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                            | Fifth Third Bancorp                                                              | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73580.28     | 0.09%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                     | Fiserv Inc                                                                       | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    390000 | PA      | $398533.06    | 0.47%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                         | Mizuho Financial Group Inc                                                       | CUSIP: 60687YDJ5<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202609.18    | 0.24%             | 2036-05-13      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    232000 | PA      | $236962.55    | 0.28%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38847.99     | 0.05%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| CONSTELLATION EN GEN LLC                       | Constellation Energy Generation LLC                                              | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5280.20      | 0.01%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                           | Bank of America Corp                                                             | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19906.79     | 0.02%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              |  | US        |     23000 | PA      | $23568.99     | 0.03%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                         | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |     43000 | PA      | $45499.41     | 0.05%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                   | AutoZone Inc                                                                     | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60185.04     | 0.07%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                         | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25605.76     | 0.03%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                      | Amgen Inc                                                                        | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27718.74     | 0.03%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                          | Republic Services Inc                                                            | CUSIP: 760759BH2<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142145.85    | 0.17%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16504.35     | 0.02%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: —       |
| VERIZON COMMUNICATIONS                         | Verizon Communications Inc                                                       | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $216899.03    | 0.26%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34000 | PA      | $31979.45     | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                           | Strathcona Resources Ltd/Alberta                                                 | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |     21000 | PA      | $21030.67     | 0.03%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                                | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $455305.28    | 0.54%             | 2028-08-11      | Fixed         | 5.21%                 | 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        |     47000 | PA      | $43278.11     | 0.05%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                     | Fannie Mae Pool                                                                  | CUSIP: 3140FXFM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44842 | PA      | $41341.46     | 0.05%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                             | Howard Hughes Corp/The                                                           | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27652.06     | 0.03%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                       | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    135000 | PA      | $128697.33    | 0.15%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                            | Fifth Third Bancorp                                                              | CUSIP: 316773DD9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149557.31    | 0.18%             | 2027-11-01      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                            | FS KKR Capital Corp                                                              | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51606.57     | 0.06%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94444.52     | 0.11%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                    | Southern Co/The                                                                  | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50672.77     | 0.06%             | 2027-08-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30384.02     | 0.04%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                         | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BV3<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     36000 | PA      | $36303.42     | 0.04%             | 2035-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                               | Duke Energy Corp                                                                 | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9782.65      | 0.01%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77223.11     | 0.09%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                 | LSB Industries Inc                                                               | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12786.64     | 0.02%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050684<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1025000 | PA      | $997527.62    | 1.19%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                | DTE Electric Co                                                                  | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81289.02     | 0.10%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15622.46     | 0.02%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                          | Waste Connections Inc                                                            | CUSIP: 941053AJ9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $39037.84     | 0.05%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                               | Altria Group Inc                                                                 | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    320000 | PA      | $275438.60    | 0.33%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                   | Alphabet Inc                                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68708.88     | 0.08%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                              | Ares Capital Corp                                                                | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    185000 | PA      | $174844.63    | 0.21%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    132000 | PA      | $137843.24    | 0.16%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AG7<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49599.36     | 0.06%             | 2028-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| REPUBLIC SERVICES INC                          | Republic Services Inc                                                            | CUSIP: 760759BL3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10151.17     | 0.01%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     71000 | PA      | $73476.22     | 0.09%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                       | Lloyds Banking Group PLC                                                         | CUSIP: 539439AT6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     86000 | PA      | $86095.25     | 0.10%             | 2028-08-16      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                          | Keysight Technologies Inc                                                        | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24616.92     | 0.03%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                        | Connecticut Light and Power Co/The                                               | CUSIP: 207597EQ4<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19998.05     | 0.02%             | 2033-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25267.80     | 0.03%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                          | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16604.60     | 0.02%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                | San Diego Gas & Electric Co                                                      | CUSIP: 797440CB8<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18041.18     | 0.02%             | 2032-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40495.12     | 0.05%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                  | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     81000 | PA      | $83142.08     | 0.10%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                              | Atmos Energy Corp                                                                | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16043.14     | 0.02%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                | Foot Locker Inc                                                                  | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8491.27      | 0.01%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE                       | CVR Partners LP / CVR Nitrogen Finance Corp                                      | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $66617.62     | 0.08%             | 2028-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     81000 | PA      | $85722.07     | 0.10%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                               | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151573.15    | 0.18%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51060.45     | 0.06%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Progress Energy Inc                            | Progress Energy Inc                                                              | CUSIP: 743263AG0<br>LEI: 549300FBMTW0JYWMNB26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $78339.60     | 0.09%             | 2031-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                       | Assured Guaranty US Holdings Inc                                                 | CUSIP: 04621WAF7<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |     68000 | PA      | $71089.95     | 0.08%             | 2028-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                               | Georgia Power Co                                                                 | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10007.77     | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: —       |
| COLGATE-PALMOLIVE CO                           | Colgate-Palmolive Co                                                             | CUSIP: 194162AP8<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92030.33     | 0.11%             | 2032-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19252.16     | 0.02%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                        | Public Service Electric and Gas Co                                               | CUSIP: 74456QCH7<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    130000 | PA      | $111815.99    | 0.13%             | 2031-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                             | Ally Financial Inc                                                               | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30104.09     | 0.04%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| DUKE ENERGY PROGRESS LLC                       | Duke Energy Progress LLC                                                         | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69658.51     | 0.08%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                             | Vodafone Group PLC                                                               | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $19306.45     | 0.02%             | 2081-06-04      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                 | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15303.65     | 0.02%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                            | Invitation Homes Operating Partnership LP                                        | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |     80000 | PA      | $74774.78     | 0.09%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46640.80     | 0.06%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15291.53     | 0.02%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EATON CORP                                     | Eaton Corp                                                                       | CUSIP: 278062AK0<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35078.66     | 0.04%             | 2028-05-18      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                         | Darden Restaurants Inc                                                           | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44921.12     | 0.05%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                       | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34571.75     | 0.04%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTH INVESTOR                       | National Health Investors Inc                                                    | CUSIP: 63633DAF1<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              |  | US        |    111000 | PA      | $98290.74     | 0.12%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153412.16    | 0.18%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                               | ERP Operating LP                                                                 | CUSIP: 26884ABL6<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |     15000 | PA      | $14235.84     | 0.02%             | 2029-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                               | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     84000 | PA      | $77660.12     | 0.09%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105620.01    | 0.13%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     63000 | PA      | $53897.64     | 0.06%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                          | Universal Health Services Inc                                                    | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483044.21    | 0.58%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $81775.72     | 0.10%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                            | Cardinal Health Inc                                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116266.94    | 0.14%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82145.00     | 0.10%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UKG INC                                        | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45217.37     | 0.05%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55036.21     | 0.07%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     73000 | PA      | $77368.44     | 0.09%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                           | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2687.67      | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                           | Verisk Analytics Inc                                                             | CUSIP: 92345YAF3<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148795.13    | 0.18%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| FTAI INFRA ESC HLDGS LLC                       | FTAI Infra Escrow Holdings LLC                                                   | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $8241.27      | 0.01%             | 2027-06-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86436.46     | 0.10%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                        | Simon Property Group LP                                                          | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     50000 | PA      | $44087.97     | 0.05%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CGI INC                                        | CGI Inc                                                                          | CUSIP: 12532HAK0<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $136652.63    | 0.16%             | 2030-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                          | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212912.40    | 0.25%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                       | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     67000 | PA      | $67201.79     | 0.08%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                       | AT&T Inc                                                                         | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59813.02     | 0.07%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                        | MPLX LP                                                                          | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51321.97     | 0.06%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                                    | Academy Ltd                                                                      | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16010.29     | 0.02%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52926.95     | 0.06%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    355000 | PA      | $237304.93    | 0.28%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                          | Quest Diagnostics Inc                                                            | CUSIP: 74834LBF6<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155823.94    | 0.19%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                         | Brookfield Finance Inc                                                           | CUSIP: 11271LAE2<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    193000 | PA      | $190543.56    | 0.23%             | 2030-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                         | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27360.21     | 0.03%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15317.54     | 0.02%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                          | Blue Owl Capital Corp                                                            | CUSIP: 69121KAF1<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     54000 | PA      | $52021.10     | 0.06%             | 2027-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                            | Prairie Acquiror LP                                                              | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15550.08     | 0.02%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AECOM                                          | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35283.54     | 0.04%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                        | MPLX LP                                                                          | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    542000 | PA      | $491007.06    | 0.58%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61994.28     | 0.07%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TAMPA ELECTRIC CO                              | Tampa Electric Co                                                                | CUSIP: 875127BN1<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45036.81     | 0.05%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9714.31      | 0.01%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                              | Eversource Energy                                                                | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68219.12     | 0.08%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                         | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20003.48     | 0.02%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                                                        | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     46000 | PA      | $48384.02     | 0.06%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: —       |
| APOLLO CMMRL REAL EST FI                       | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              |  | US        |     51000 | PA      | $48432.15     | 0.06%             | 2029-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| ZIGGO BOND CO BV                               | Ziggo Bond Co BV                                                                 | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $87276.87     | 0.10%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFK3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35451.97     | 0.04%             | 2026-11-13      | Fixed         | 5.60%                 | 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        |     21000 | PA      | $21625.22     | 0.03%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10789.63     | 0.01%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |     19000 | PA      | $16563.51     | 0.02%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| OSAIC HOLDINGS INC                             | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5060.69      | 0.01%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052680<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1450000 | PA      | $1442323.34   | 1.72%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                       | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25122.34     | 0.03%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                         | Williams Cos Inc/The                                                             | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102397.85    | 0.12%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| RELIANCE INC                                   | Reliance Inc                                                                     | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99853.11     | 0.12%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                               | Duke Energy Corp                                                                 | CUSIP: 26441CBZ7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15711.57     | 0.02%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103112.16    | 0.12%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                       | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102180.98    | 0.12%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69397.12     | 0.08%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15523.02     | 0.02%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                    | Exelon Corp                                                                      | CUSIP: 30161NBE0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27703.07     | 0.03%             | 2032-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $73921.33     | 0.09%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     60000 | PA      | $61992.03     | 0.07%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                               | Ventas Realty LP                                                                 | CUSIP: 92277GAX5<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |    212000 | PA      | $217803.57    | 0.26%             | 2034-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    134000 | PA      | $139247.12    | 0.17%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                         | Energizer Holdings Inc                                                           | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29196.08     | 0.03%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                             | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     40000 | PA      | $40742.01     | 0.05%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     96000 | PA      | $101544.34    | 0.12%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                         | Motorola Solutions Inc                                                           | CUSIP: 620076BY4<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177445.72    | 0.21%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                              | Brown & Brown Inc                                                                | CUSIP: 115236AE1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7598.94      | 0.01%             | 2032-03-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29030.60     | 0.03%             | 2034-10-15      | Fixed         | 6.25%                 | 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        |    119000 | PA      | $122253.99    | 0.15%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                              | Ares Capital Corp                                                                | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66581.75     | 0.08%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HDG7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77052.34     | 0.09%             | 2030-07-26      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                          | Southern California Gas Co                                                       | CUSIP: 842434CW0<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68367.25     | 0.08%             | 2027-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                             | Realty Income Corp                                                               | CUSIP: 756109CF9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     70000 | PA      | $70735.23     | 0.08%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                  | DTE Energy Co                                                                    | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37817.50     | 0.05%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                          | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66305.65     | 0.08%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                         | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19277.76     | 0.02%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                | Rand Parent LLC                                                                  | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15083.23     | 0.02%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90451.74     | 0.11%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                        | PPL Capital Funding Inc                                                          | CUSIP: 69352PAQ6<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78367.32     | 0.09%             | 2030-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     46000 | PA      | $41618.82     | 0.05%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                       | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BG6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60060.43     | 0.07%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER                       | Wisconsin Electric Power Co                                                      | CUSIP: 976656CN6<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40290.61     | 0.05%             | 2032-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| NOBLE FINANCE II LLC                           | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $119030.35    | 0.14%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151178.69    | 0.18%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                       | Champion Iron Canada Inc                                                         | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30673.40     | 0.04%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                            | Station Casinos LLC                                                              | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     44000 | PA      | $41177.72     | 0.05%             | 2031-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49944.20     | 0.06%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13295.07     | 0.02%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     25000 | PA      | $26260.74     | 0.03%             | 2035-07-17      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                     | AbbVie Inc                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57210.85     | 0.07%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                       | Public Service Enterprise Group Inc                                              | CUSIP: 744573AY2<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71733.43     | 0.09%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                             | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    117000 | PA      | $124628.15    | 0.15%             | 2029-07-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34253.20     | 0.04%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| VERISIGN INC                                   | VeriSign Inc                                                                     | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50544.60     | 0.06%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                         | CenterPoint Energy Inc                                                           | CUSIP: 15189TBG1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61774.93     | 0.07%             | 2029-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                       | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659AV3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48294.65     | 0.06%             | 2030-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     15000 | PA      | $15110.73     | 0.02%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                         | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102245.81    | 0.12%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032682<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1325000 | PA      | $1183527.43   | 1.41%             | 2054-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                       | Constellation Brands Inc                                                         | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49844.88     | 0.06%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                         | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20532.36     | 0.02%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060683<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1325000 | PA      | $1343313.92   | 1.60%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                | Xcel Energy Inc                                                                  | CUSIP: 98388MAB3<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76541.98     | 0.09%             | 2027-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                    | Oracle Corp                                                                      | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102351.72    | 0.12%             | 2030-04-01      | Fixed         | 2.95%                 | 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        |     87000 | PA      | $88307.79     | 0.11%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                             | Steel Dynamics Inc                                                               | CUSIP: 858119BM1<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    284000 | PA      | $263884.89    | 0.31%             | 2031-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                               | CUSIP: 29273VAS9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104594.14    | 0.12%             | 2028-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                            | Dominion Energy Inc                                                              | CUSIP: 25746UDL0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30401.82     | 0.04%             | 2031-08-15      | Fixed         | 2.25%                 | 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        |     10000 | PA      | $10411.79     | 0.01%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                               | Altria Group Inc                                                                 | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     77000 | PA      | $77701.29     | 0.09%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                       | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     45000 | PA      | $40974.91     | 0.05%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD CAPITAL FIN                         | Brookfield Capital Finance LLC                                                   | CUSIP: 11259NAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $180179.51    | 0.21%             | 2033-06-14      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                         | Stena International SA                                                           | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     10000 | PA      | $10157.82     | 0.01%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10304.38     | 0.01%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 637432NZ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14394.42     | 0.02%             | 2032-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                      | Enpro Inc                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8097.93      | 0.01%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 637432NS0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39062.41     | 0.05%             | 2029-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                          | Uber Technologies Inc                                                            | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93288.89     | 0.11%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49851.68     | 0.06%             | 2031-03-24      | Fixed         | 4.49%                 | 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        |   4361077 | NS      | $4362821.52   | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     78000 | PA      | $82313.68     | 0.10%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                        | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $143442.16    | 0.17%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                     | Unum Group                                                                       | CUSIP: 91529YAN6<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259302.03    | 0.31%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                         | Sempra                                                                           | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61340.87     | 0.07%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFX5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10192.92     | 0.01%             | 2030-02-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5048.39      | 0.01%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    270000 | PA      | $275616.23    | 0.33%             | 2029-02-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                        | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     84000 | PA      | $81240.58     | 0.10%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| HERTZ CORP/THE                                 | Hertz Corp/The                                                                   | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     63000 | PA      | $65852.41     | 0.08%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $35920.86     | 0.04%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                 | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    190000 | PA      | $186547.90    | 0.22%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                   | Autodesk Inc                                                                     | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20262.59     | 0.02%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                              | CBRE Services Inc                                                                | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105358.81    | 0.13%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127459.05    | 0.15%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                   | AES Corp/The                                                                     | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49200.02     | 0.06%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64247.61     | 0.08%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                       | Interstate Power and Light Co                                                    | CUSIP: 461070AU8<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20708.25     | 0.02%             | 2033-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |     15000 | PA      | $14368.35     | 0.02%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235000 | PA      | $222844.61    | 0.27%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PUB SVC NEW HAMP                               | Public Service Co of New Hampshire                                               | CUSIP: 744538AF6<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36142.42     | 0.04%             | 2033-10-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                       | Caterpillar Financial Services Corp                                              | CUSIP: 14913R2G1<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117446.22    | 0.14%             | 2027-09-14      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                   | Entergy Corp                                                                     | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    230000 | PA      | $238552.91    | 0.28%             | 2054-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBK2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150888.39    | 0.18%             | 2030-07-26      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                         | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38897.37     | 0.05%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                   | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22833.87     | 0.03%             | 2032-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                   | Comcast Corp                                                                     | CUSIP: 20030NBW0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24286.10     | 0.03%             | 2027-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: —       |
| AMERITEX HOLDCO INTERMED                       | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10617.14     | 0.01%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: —       |
| ALABAMA POWER CO                               | Alabama Power Co                                                                 | CUSIP: 010392FU7<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43191.48     | 0.05%             | 2030-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                       | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22751.88     | 0.03%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                              | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    185000 | PA      | $179575.05    | 0.21%             | 2029-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINANCE LTD                           | Seadrill Finance Ltd                                                             | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |     25000 | PA      | $25585.60     | 0.03%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                        | Public Service Co of Oklahoma                                                    | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    120000 | PA      | $103952.92    | 0.12%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                  | CUSIP: 3140FXF23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44431 | PA      | $40962.10     | 0.05%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513BT1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     42000 | PA      | $35799.67     | 0.04%             | 2031-12-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51266.32     | 0.06%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                | Xcel Energy Inc                                                                  | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9760.46      | 0.01%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                               | Welltower OP LLC                                                                 | CUSIP: 95040QAJ3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    150000 | PA      | $141720.91    | 0.17%             | 2030-01-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                                | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $459428.47    | 0.55%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                       | Graham Packaging Co Inc                                                          | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |     71000 | PA      | $70787.90     | 0.08%             | 2028-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| WW GRAINGER INC                                | WW Grainger Inc                                                                  | CUSIP: 384802AF1<br>LEI: 549300TWZSP6O1IH2V34 | Long             | DBT              | CORP              | US        |    183000 | PA      | $177603.22    | 0.21%             | 2034-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                            | FS KKR Capital Corp                                                              | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18446.71     | 0.02%             | 2028-10-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                       | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51325.49     | 0.06%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143095.03    | 0.17%             | 2026-12-10      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                         | Verizon Communications Inc                                                       | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45089.66     | 0.05%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                             | Smith & Nephew PLC                                                               | CUSIP: 83192PAC2<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100976.11    | 0.12%             | 2027-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60707.24     | 0.07%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                              | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     90000 | PA      | $86924.45     | 0.10%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                            | FS KKR Capital Corp                                                              | CUSIP: 302635AG2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297658.20    | 0.35%             | 2026-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                       | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19419.20     | 0.02%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                          | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAE9<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $24550.24     | 0.03%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                            | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    101000 | PA      | $102645.65    | 0.12%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                       | Diversified Healthcare Trust                                                     | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              |  | US        |     96000 | PA      | $88975.84     | 0.11%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76022.97     | 0.09%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                         | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $46326.29     | 0.06%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                              | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |      5000 | PA      | $5064.34      | 0.01%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                  | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19372.60     | 0.02%             | 2030-04-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022683<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3505000 | PA      | $2871386.74   | 3.42%             | 2054-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                         | Pacific Gas and Electric Co                                                      | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52267.66     | 0.06%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                       | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |     11000 | PA      | $11111.20     | 0.01%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                           | Blue Owl Finance LLC                                                             | CUSIP: 09581JAS5<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32783.76     | 0.04%             | 2032-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                     | Grifols SA                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     58000 | PA      | $55856.60     | 0.07%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                       | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5286.48      | 0.01%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| ALTRIA GROUP INC                               | Altria Group Inc                                                                 | CUSIP: 02209SBT9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122019.71    | 0.15%             | 2035-02-06      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                             | Valero Energy Corp                                                               | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    174000 | PA      | $177136.04    | 0.21%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     97000 | PA      | $94257.40     | 0.11%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| CON EDISON CO OF NY INC                        | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111GA5<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22352.21     | 0.03%             | 2031-06-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20074.28     | 0.02%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                         | Arizona Public Service Co                                                        | CUSIP: 040555DG6<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10262.87     | 0.01%             | 2033-08-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| UNDER ARMOUR INC                               | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45057.65     | 0.05%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                 | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $29665.54     | 0.04%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                  | Citigroup Inc                                                                    | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146800.44    | 0.17%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     74000 | PA      | $73872.07     | 0.09%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                       | California Resources Corp                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    141000 | PA      | $144808.43    | 0.17%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14106.70     | 0.02%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                               | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    101000 | PA      | $106323.04    | 0.13%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                           | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |     23000 | PA      | $21475.16     | 0.03%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Chicago Board of Trade                         | US ULTRA BOND CBT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -72 | NC      | $-106733.46   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| TRINET GROUP INC                               | TriNet Group Inc                                                                 | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26774.77     | 0.03%             | 2031-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $90661.50     | 0.11%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H040681<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    396000 | PA      | $364627.20    | 0.43%             | 2054-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                       | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    128000 | PA      | $131178.57    | 0.16%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                         | Motorola Solutions Inc                                                           | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    230000 | PA      | $238633.21    | 0.28%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                              | Cisco Systems Inc                                                                | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30537.38     | 0.04%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                           | Las Vegas Sands Corp                                                             | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45748.96     | 0.05%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     62201 | PA      | $65067.88     | 0.08%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21813.41     | 0.03%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                              | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18231.12     | 0.02%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $173338.95    | 0.21%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                      | Sunoco LP                                                                        | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54519.87     | 0.06%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                               | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30249.47     | 0.04%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H030682<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    900000 | PA      | $786258.59    | 0.94%             | 2054-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44951.11     | 0.05%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                          | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance  | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77422.34     | 0.09%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65310.18     | 0.08%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                              | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42000 | PA      | $40720.84     | 0.05%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76866.39     | 0.09%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15421.78     | 0.02%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES IN                       | Teledyne Technologies Inc                                                        | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    230000 | PA      | $217829.66    | 0.26%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                           | BAT International Finance PLC                                                    | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $104459.26    | 0.12%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                       | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77604.44     | 0.09%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                          | Freedom Mortgage Corp                                                            | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15034.74     | 0.02%             | 2026-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                         | Toll Brothers Finance Corp                                                       | CUSIP: 88947EAS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75162.92     | 0.09%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                     | Intuit Inc                                                                       | CUSIP: 46124HAF3<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153914.12    | 0.18%             | 2028-09-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                          | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     67000 | PA      | $70016.06     | 0.08%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ARDAGH METAL PACKAGING                         | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $45531.77     | 0.05%             | 2029-09-01      | Fixed         | 4.00%                 | 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    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $86735.44     | 0.10%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                        | Enova International Inc                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    126000 | PA      | $132013.17    | 0.16%             | 2029-08-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                       | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21265.09     | 0.03%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     28100 | PA      | $28544.40     | 0.03%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                        | Talen Energy Supply LLC                                                          | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27635.47     | 0.03%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| IBM CORP                                       | International Business Machines Corp                                             | CUSIP: 459200KH3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143332.10    | 0.17%             | 2027-05-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                         | Marriott International Inc/MD                                                    | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151863.42    | 0.18%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                            | Quanta Services Inc                                                              | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    244000 | PA      | $224395.95    | 0.27%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020687<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4780000 | PA      | $3738368.02   | 4.45%             | 2054-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                     | Intuit Inc                                                                       | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20597.83     | 0.02%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                       | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $15968.60     | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                              | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84851.69     | 0.10%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                          | Truist Financial Corp                                                            | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    292000 | PA      | $285972.15    | 0.34%             | 2027-03-02      | Fixed         | 1.27%                 | No            |                  2 | On Loan: —       |
| FISERV INC                                     | Fiserv Inc                                                                       | CUSIP: 337738BK3<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133619.44    | 0.16%             | 2031-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                    | Prologis LP                                                                      | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     75000 | PA      | $74451.13     | 0.09%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                 | Mastercard Inc                                                                   | CUSIP: 57636QBG8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92027.90     | 0.11%             | 2032-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| CHENIERE CORP CHRISTI HD                       | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19235.77     | 0.02%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                       | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199982.58    | 0.24%             | 2026-08-11      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                       | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $11395.00     | 0.01%             | 2026-08-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| HYATT HOTELS CORP                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60699.93     | 0.07%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30891.79     | 0.04%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $36558.21     | 0.04%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54603.90     | 0.07%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042681<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    783000 | PA      | $742670.61    | 0.88%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                        | Public Service Electric and Gas Co                                               | CUSIP: 74456QCJ3<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18252.26     | 0.02%             | 2032-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                       | Regeneron Pharmaceuticals Inc                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    240000 | PA      | $208392.13    | 0.25%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                       | Virginia Electric and Power Co                                                   | CUSIP: 927804GH1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128684.99    | 0.15%             | 2027-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                   | Embecta Corp                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24485.98     | 0.03%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Chicago Board of Trade                         | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -16 | NC      | $-10453.96    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16922.66     | 0.02%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                         | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    116000 | PA      | $120799.16    | 0.14%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LYB INTERNATIONAL FINANC                       | LYB International Finance II BV                                                  | CUSIP: 50247WAB3<br>LEI: 549300ZSNDBYN4Z4VZ93 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $88417.82     | 0.11%             | 2027-03-02      | Fixed         | 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        |     40000 | PA      | $40357.21     | 0.05%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32727.26     | 0.04%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                         | Motorola Solutions Inc                                                           | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    190000 | PA      | $170642.58    | 0.20%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26614.59     | 0.03%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29651.67     | 0.04%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                    | Equifax Inc                                                                      | CUSIP: 294429AX3<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115743.88    | 0.14%             | 2029-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                   | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21058.57     | 0.03%             | 2029-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| BANCO SANTANDER SA                             | Banco Santander SA                                                               | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $217868.22    | 0.26%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69982.65     | 0.08%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| DTE ENERGY CO                                  | DTE Energy Co                                                                    | CUSIP: 233331BC0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19133.95     | 0.02%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70065.98     | 0.08%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                             | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    425000 | PA      | $427052.24    | 0.51%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     42000 | PA      | $43358.17     | 0.05%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CINTAS CORPORATION NO. 2                       | Cintas Corp No 2                                                                 | CUSIP: 17252MAQ3<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106093.83    | 0.13%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                     | NetApp Inc                                                                       | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73620.62     | 0.09%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                       | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $42928.08     | 0.05%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                              | Cisco Systems Inc                                                                | CUSIP: 17275RBY7<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71369.27     | 0.09%             | 2032-02-24      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC                              | Golub Capital BDC Inc                                                            | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19479.40     | 0.02%             | 2026-08-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82716.60     | 0.10%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     92000 | PA      | $97080.06     | 0.12%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $295412.81    | 0.35%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                       | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AE2<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |     20075 | PA      | $15495.53     | 0.02%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO                          | Pagaya US Holdings Co LLC                                                        | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59588.38     | 0.07%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $9208.22      | 0.01%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                          | Freedom Mortgage Corp                                                            | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14968.45     | 0.02%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30499.74     | 0.04%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $42246.57     | 0.05%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                             | Ally Financial Inc                                                               | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52642.46     | 0.06%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                      | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44843.03     | 0.05%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                             | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38163.29     | 0.05%             | 2029-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    118000 | PA      | $121915.97    | 0.15%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157372.33    | 0.19%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290558.79    | 0.35%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                       | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15224.20     | 0.02%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AR3<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15254.54     | 0.02%             | 2029-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513BG9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10260.13     | 0.01%             | 2031-03-11      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                           | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59483.33     | 0.07%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     98000 | PA      | $102167.37    | 0.12%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| KELLANOVA                                      | Kellanova                                                                        | CUSIP: 487836BW7<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150306.73    | 0.18%             | 2028-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                               | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     15000 | PA      | $15453.73     | 0.02%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                       | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $60767.21     | 0.07%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                                              | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |     61000 | PA      | $65519.58     | 0.08%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                       | CUSIP: 146869AL6<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     28175 | PA      | $28861.07     | 0.03%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                       | Elanco Animal Health Inc                                                         | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46591.41     | 0.06%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| RHP HOTEL PPTY/RHP FINAN                       | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |      9000 | PA      | $9215.52      | 0.01%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                    | Cencora Inc                                                                      | CUSIP: 03073EAP0<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    258000 | PA      | $252296.88    | 0.30%             | 2027-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                        | Honeywell International Inc                                                      | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155681.41    | 0.19%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                    | Cencora Inc                                                                      | CUSIP: 03073EAU9<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40125.67     | 0.05%             | 2034-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                       | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |     27000 | PA      | $22221.63     | 0.03%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                         | Mid-America Apartments LP                                                        | CUSIP: 59523UAT4<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |    110000 | PA      | $105968.44    | 0.13%             | 2026-09-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                          | Republic Services Inc                                                            | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45840.91     | 0.05%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                        | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AR6<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20041.48     | 0.02%             | 2035-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53890.65     | 0.06%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                                | Rain Carbon Inc                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |     16000 | PA      | $17224.19     | 0.02%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: —       |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $53944.29     | 0.06%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                  | AppLovin Corp                                                                    | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25289.55     | 0.03%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                             | Expand Energy Corp                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50617.92     | 0.06%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                        | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20853.38     | 0.02%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14964.79     | 0.02%             | 2030-06-15      | Fixed         | 6.13%                 | 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        |     20000 | PA      | $20948.90     | 0.02%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CINTAS CORPORATION NO. 2                       | Cintas Corp No 2                                                                 | CUSIP: 17252MAN0<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13860.49     | 0.02%             | 2027-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $190434.02    | 0.23%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                       | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $61931.50     | 0.07%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                       | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $15094.28     | 0.02%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53866.80     | 0.06%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent LP                                                         | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |     60000 | PA      | $60983.93     | 0.07%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                             | Vodafone Group PLC                                                               | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $52338.38     | 0.06%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| UPBOUND GROUP INC                              | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46794.18     | 0.06%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                          | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20913.18     | 0.02%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45728.34     | 0.05%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                        | John Deere Capital Corp                                                          | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306800.87    | 0.37%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                               | BAT Capital Corp                                                                 | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125728.70    | 0.15%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                    | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59648.12     | 0.07%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| ABBOTT LABORATORIES                            | Abbott Laboratories                                                              | CUSIP: 002824BQ2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17520.27     | 0.02%             | 2030-06-30      | Fixed         | 1.40%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H022689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    950000 | PA      | $798748.97    | 0.95%             | 2054-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                    | Walmart Inc                                                                      | CUSIP: 931142FP3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115821.36    | 0.14%             | 2035-04-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                      | ONEOK Inc                                                                        | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51583.57     | 0.06%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                               | Paramount Global                                                                 | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27421.10     | 0.03%             | 2032-05-19      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040685<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1075000 | PA      | $991370.57    | 1.18%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                          | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194277.71    | 0.23%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: —       |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15644.16     | 0.02%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164772.11    | 0.20%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                             | Realty Income Corp                                                               | CUSIP: 756109CB8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     20000 | PA      | $19663.19     | 0.02%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| INSULET CORPORATION                            | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21596.99     | 0.03%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204236.70    | 0.24%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                        | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111GH0<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30805.49     | 0.04%             | 2034-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                       | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67174.64     | 0.08%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                | DTE Electric Co                                                                  | CUSIP: 23338VAN6<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75269.20     | 0.09%             | 2028-04-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                          | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $91510.67     | 0.11%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| NEXTERA ENERGY CAPITAL                         | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46743.91     | 0.06%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                         | Philip Morris International Inc                                                  | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    215000 | PA      | $217799.21    | 0.26%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                  | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47915.64     | 0.06%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBN6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40176.37     | 0.05%             | 2029-02-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30849.83     | 0.04%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                        | Duke Energy Florida LLC                                                          | CUSIP: 26444HAK7<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35190.05     | 0.04%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                       | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132176.59    | 0.16%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: —       |
| KINDER MORGAN INC                              | Kinder Morgan Inc                                                                | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96555.92     | 0.12%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                         | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     82000 | PA      | $81296.51     | 0.10%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                               | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $59063.60     | 0.07%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                   | ADT Security Corp/The                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     53000 | PA      | $50476.20     | 0.06%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| DIAMONDBACK ENERGY INC                         | Diamondback Energy Inc                                                           | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86556.74     | 0.10%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $39982.33     | 0.05%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154952.62    | 0.18%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                               | CSC Holdings LLC                                                                 | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16181.46     | 0.02%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40414.75     | 0.05%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                                | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202589.55    | 0.24%             | 2031-03-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                       | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97593.12     | 0.12%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125774.00    | 0.15%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                        | Principal Financial Group Inc                                                    | CUSIP: 74251VAT9<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22534.79     | 0.03%             | 2033-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                          | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $103014.70    | 0.12%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                        | HCA Inc                                                                          | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    260000 | PA      | $245023.12    | 0.29%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                   | AutoZone Inc                                                                     | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60306.38     | 0.07%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                           | Targa Resources Corp                                                             | CUSIP: 87612GAM3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84133.22     | 0.10%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                           | GrubHub Holdings Inc                                                             | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $157538.58    | 0.19%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| RELIANCE INC                                   | Reliance Inc                                                                     | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    400000 | PA      | $353932.12    | 0.42%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PBD7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24299.35     | 0.03%             | 2030-05-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     49000 | PA      | $46103.06     | 0.05%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: —       |
| CARVANA CO                                     | Carvana Co                                                                       | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     53838 | PA      | $64020.97     | 0.08%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     43000 | PA      | $39177.60     | 0.05%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28017.95     | 0.03%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                   | Enbridge Inc                                                                     | CUSIP: 29250NCC7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25609.01     | 0.03%             | 2034-04-05      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                 | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     53000 | PA      | $57432.68     | 0.07%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                       | RTX Corp                                                                         | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10689.50     | 0.01%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                              | Ares Capital Corp                                                                | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     88000 | PA      | $85918.82     | 0.10%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                           | Targa Resources Corp                                                             | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151756.52    | 0.18%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49021.57     | 0.06%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                        | Southwestern Electric Power Co                                                   | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20151.07     | 0.02%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                       | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBD7<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    135000 | PA      | $136957.64    | 0.16%             | 2032-06-15      | Fixed         | 5.70%                 | 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        |     69000 | PA      | $63717.31     | 0.08%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48686.75     | 0.06%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     39000 | PA      | $40111.00     | 0.05%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                       | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47755.17     | 0.06%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                        | MPLX LP                                                                          | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295935.59    | 0.35%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26978.34     | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                    | Oracle Corp                                                                      | CUSIP: 68389XAV7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     67000 | PA      | $62910.19     | 0.07%             | 2034-07-08      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                       | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151096.35    | 0.18%             | 2027-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| TURNING POINT BRANDS INC                       | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37675.09     | 0.04%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                            | Dominion Energy Inc                                                              | CUSIP: 25746UCK3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49110.72     | 0.06%             | 2026-08-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                       | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     83000 | PA      | $80686.51     | 0.10%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                 | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153654.08    | 0.18%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBE0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188488.78    | 0.22%             | 2028-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                       | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37004.38     | 0.04%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                   | Enbridge Inc                                                                     | CUSIP: 29250NBX2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $78458.56     | 0.09%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40399.79     | 0.05%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                    | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71203.27     | 0.08%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27647.98     | 0.03%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        14 | NC      | $4422.09      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO GROUP INC/THE                              | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     83000 | PA      | $91302.66     | 0.11%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40051.72     | 0.05%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                             | Realty Income Corp                                                               | CUSIP: 756109CA0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |    100000 | PA      | $94555.29     | 0.11%             | 2028-03-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                               | Altria Group Inc                                                                 | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    310000 | PA      | $325403.57    | 0.39%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                         | Marriott International Inc/MD                                                    | CUSIP: 571903BN2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175477.79    | 0.21%             | 2028-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                              | Hyatt Hotels Corp                                                                | CUSIP: 448579AJ1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56746.56     | 0.07%             | 2030-04-23      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                       | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     63000 | PA      | $64735.10     | 0.08%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                         | CenterPoint Energy Resources Corp                                                | CUSIP: 15189YAG1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35775.11     | 0.04%             | 2028-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    355000 | PA      | $363507.79    | 0.43%             | 2029-07-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032484<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     77000 | PA      | $73762.84     | 0.09%             | 2039-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                         | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $194077.90    | 0.23%             | 2027-07-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                   | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    279000 | PA      | $244044.36    | 0.29%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                       | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BC1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $153342.63    | 0.18%             | 2028-09-08      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                     | PacifiCorp                                                                       | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35943.73     | 0.04%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     34000 | PA      | $36058.40     | 0.04%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                            | Coinbase Global Inc                                                              | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    155000 | PA      | $145937.93    | 0.17%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| STONEPEAK NILE PARENT                          | Stonepeak Nile Parent LLC                                                        | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29399.24     | 0.04%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| DIEBOLD NIXDORF INC                            | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     72000 | PA      | $76317.71     | 0.09%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                        | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15679.72     | 0.02%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                           | Pentair Finance Sarl                                                             | CUSIP: 709629AR0<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |     65000 | PA      | $64702.24     | 0.08%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                   | Broadcom Inc                                                                     | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348304.76    | 0.41%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                                              | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30255.24     | 0.04%             | 2029-04-25      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                               | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35118.92     | 0.04%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                         | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $156797.88    | 0.19%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $27166.23     | 0.03%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                       | Constellation Brands Inc                                                         | CUSIP: 21036PAQ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84103.33     | 0.10%             | 2026-12-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| VALLOUREC SACA                                 | Vallourec SACA                                                                   | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     25000 | PA      | $26455.46     | 0.03%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15723.26     | 0.02%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                          | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31719.14     | 0.04%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                          | Blue Owl Capital Corp                                                            | CUSIP: 69122JAC0<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96475.93     | 0.11%             | 2027-04-13      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25842.94     | 0.03%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| SLM CORP                                       | SLM Corp                                                                         | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18696.27     | 0.02%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     83000 | PA      | $79519.69     | 0.09%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21502.84     | 0.03%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| INEOS FINANCE PLC                              | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     31000 | PA      | $30889.99     | 0.04%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                       | Virginia Electric and Power Co                                                   | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30135.61     | 0.04%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145494.64    | 0.17%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    315000 | PA      | $311557.29    | 0.37%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA LTD                          | Rio Tinto Finance USA Ltd                                                        | CUSIP: 767201AD8<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |     13000 | PA      | $14001.89     | 0.02%             | 2028-07-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                         | Marriott International Inc/MD                                                    | CUSIP: 571903AY9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49452.21     | 0.06%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                                | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $257141.27    | 0.31%             | 2030-03-04      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                        | Public Service Electric and Gas Co                                               | CUSIP: 74456QCQ7<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96778.69     | 0.12%             | 2034-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                                                   | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83599.59     | 0.10%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                       | Icon Investments Six DAC                                                         | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    450000 | PA      | $457691.94    | 0.55%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                     | Zoetis Inc                                                                       | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89464.39     | 0.11%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                    | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59895.39     | 0.07%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                         | Arizona Public Service Co                                                        | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12850.08     | 0.02%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                                  | CUSIP: 37045XDP8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93333.90     | 0.11%             | 2028-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: —       |
| AVIS BUDGET CAR/FINANCE                        | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38162.22     | 0.05%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                          | Truist Financial Corp                                                            | CUSIP: 89788MAL6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70629.42     | 0.08%             | 2029-01-26      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     49000 | PA      | $43733.05     | 0.05%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     42000 | PA      | $36345.62     | 0.04%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                       | CUSIP: 21H050680<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    635000 | PA      | $619662.13    | 0.74%             | 2054-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     21000 | PA      | $23703.32     | 0.03%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                               | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    130000 | PA      | $135712.29    | 0.16%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                      | ONEOK Inc                                                                        | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199330.30    | 0.24%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: —       |
| SIMON PROPERTY GROUP LP                        | Simon Property Group LP                                                          | CUSIP: 828807DF1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |    150000 | PA      | $139211.61    | 0.17%             | 2029-09-13      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR ULTRA FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -5 | NC      | $-3632.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP INC                                     | EZCORP Inc                                                                       | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16667.21     | 0.02%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS INC                        | Cboe Global Markets Inc                                                          | CUSIP: 12503MAC2<br>LEI: 529900RLNSGA90UPEH54 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95368.72     | 0.11%             | 2030-12-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28012.25     | 0.03%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                     | Phinia Inc                                                                       | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26478.22     | 0.03%             | 2032-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Lennar Corp                                    | Lennar Corp                                                                      | CUSIP: 526057CV4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115500.17    | 0.14%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40386.29     | 0.05%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                 | Lowe's Cos Inc                                                                   | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29495.43     | 0.04%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                                        | CUSIP: 89114TZG0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $289651.21    | 0.35%             | 2026-09-10      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                          | RIO TINTO FIN USA PLC                                                            | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     85000 | PA      | $86234.43     | 0.10%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    450000 | PA      | $437605.99    | 0.52%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                 | Eli Lilly & Co                                                                   | CUSIP: 532457CX4<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71181.75     | 0.08%             | 2035-02-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                   | Tapestry Inc                                                                     | CUSIP: 876030AA5<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22266.27     | 0.03%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7109.52      | 0.01%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $13549.59     | 0.02%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                        | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAD1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41060.83     | 0.05%             | 2033-03-02      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                 | CVR Energy Inc                                                                   | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     74000 | PA      | $72703.77     | 0.09%             | 2029-01-15      | Fixed         | 8.50%                 | 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        |      5000 | PA      | $4241.33      | 0.01%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                         | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $11033.68     | 0.01%             | 2028-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                                                        | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     22000 | PA      | $21835.80     | 0.03%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| AMERIPRISE FINANCIAL INC                       | Ameriprise Financial Inc                                                         | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124855.12    | 0.15%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                              | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77850.17     | 0.09%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                           | Targa Resources Corp                                                             | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146583.38    | 0.17%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                              | Sysco Corp                                                                       | CUSIP: 871829BV8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    137000 | PA      | $138883.75    | 0.17%             | 2035-03-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                             | Sunrise FinCo I BV                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $14146.52     | 0.02%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** iShares Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer