# EDGAR Filing Document

**Accession Number:** 0001809541
**File Stem:** 0001410368-25-032169
**Filing Date:** 2025-11
**Character Count:** 762982
**Document Hash:** e562ac761b9bd8ac48562ca5156bf35e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032169.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032169

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Capital Allocation Term Trust
- **CENTRAL INDEX KEY:** 0001809541

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23564
- **FILM NUMBER:** 251525900

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Capital Allocation Trust
- **DATE OF NAME CHANGE:** 20200414

## Nport-Ex

September 30, 2025

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

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

**BlackRock Capital Allocation Term Trust (BCAT)**<br>

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

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

------

Consolidated Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Cayman Islands**<sup>(a)(b)</sup> **— 1.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXV, Series 2021-35A, Class E, (3-mo. <br> CME Term SOFR + 6.01%), 10.34%, 04/20/34<br>| USD | 375 | &nbsp;&nbsp; $374899 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVII, Series 2021-37A, Class E, (3-mo. <br> CME Term SOFR + 6.56%), 10.89%, 10/22/34<br>|  | 250 | &nbsp;&nbsp; 250486 |
| ARES Loan Funding I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class E, (3-mo. CME Term <br> SOFR + 6.96%), 11.28%, 10/15/34<br>|  | 1250 | &nbsp;&nbsp; 1249406 |
| &nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class SUB, 0.00%, 10/15/34 |  | 2150 | &nbsp;&nbsp; 1018154 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3-mo. <br> CME Term SOFR + 3.31%), 7.63%, 07/15/32<br>|  | 2700 | &nbsp;&nbsp; 2710692 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2020-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.95%), 6.27%, 10/15/37<br>|  | 750 | &nbsp;&nbsp; 753397 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VC Ltd., Series 2021-2A, Class E, (3-mo. <br> CME Term SOFR + 7.01%), 11.33%, 10/15/34<br>|  | 500 | &nbsp;&nbsp; 501130 |
| &nbsp;&nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class C, (3-mo. <br> CME Term SOFR + 3.56%), 7.89%, 07/20/34<br>|  | 1250 | &nbsp;&nbsp; 1249107 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO Ltd., Series 2020-9A, Class DR, <br> (3-mo. CME Term SOFR + 4.01%), 8.33%, <br> 07/14/34<br>|  | 500 | &nbsp;&nbsp; 501155 |
| OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class ER, (3-mo. CME Term <br> SOFR + 6.61%), 10.94%, 04/10/33<br>|  | 400 | &nbsp;&nbsp; 398672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME Term <br> SOFR + 3.10%), 7.43%, 07/20/37<br>|  | 500 | &nbsp;&nbsp; 504541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AR, Class D1R, (3-mo. CME Term <br> SOFR + 3.60%), 7.87%, 04/18/37<br>|  | 3500 | &nbsp;&nbsp; 3519156 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.63%, 07/15/34<br>|  | 250 | &nbsp;&nbsp; 249983 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd., Series 2021-2A, Class D1R, <br> (3-mo. CME Term SOFR + 2.60%), 6.92%, <br> 01/15/38<br>|  | 1500 | &nbsp;&nbsp; 1505124 |
| &nbsp;&nbsp;&nbsp; RRX Ltd., Series 2022-7A, Class D, (3-mo. CME Term <br> SOFR + 6.85%), 11.17%, 07/15/35<br>|  | 750 | &nbsp;&nbsp; 749586 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO XXVI Ltd., Series 2020-1A, <br> Class DR, (3-mo. CME Term SOFR + 3.61%), <br> 7.94%, 07/20/34<br>|  | 250 | &nbsp;&nbsp; 249642 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%, <br> 12/29/29<sup>(c)</sup><br>|  | 1000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-<br> mo. CME Term SOFR + 3.15%), 7.47%, 07/25/37<br>|  | 500 | &nbsp;&nbsp; 504498 |
| Whitebox CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D1RR, (3-mo. CME Term <br> SOFR + 3.10%), 7.42%, 07/24/36<br>|  | 250 | &nbsp;&nbsp; 250657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ERR, (3-mo. CME Term <br> SOFR + 5.75%), 10.07%, 07/24/36<br>|  | 1300 | &nbsp;&nbsp; 1300335 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class SUB, 0.00%, 07/24/36 |  | 1000 | &nbsp;&nbsp; 613223 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.90%), 7.22%, <br> 10/24/37<br>|  | 2750 | &nbsp;&nbsp; 2772443 |
| Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term SOFR <br> + 2.85%), 7.17%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 504007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term SOFR <br> + 5.65%), 9.97%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 499771 |
|  |  |  | &nbsp;&nbsp; 22230064 |
| **Ireland**<sup>(a)</sup> **— 1.3%** | **Ireland**<sup>(a)</sup> **— 1.3%** | **Ireland**<sup>(a)</sup> **— 1.3%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.79%, 02/15/37<sup>(d)</sup><br>| EUR | 250 | &nbsp;&nbsp; 297071 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Anchorage Capital Europe CLO DAC, Series 4A, <br> Class D, (3-mo. EURIBOR + 3.20%), 5.14%, <br> 04/25/34<sup>(b)</sup><br>| EUR | 868 | &nbsp;&nbsp; $1029052 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.24%, 11/15/37<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 354195 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.59%, 04/25/39<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 417446 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. <br> EURIBOR + 3.30%), 0.00%, 07/25/39<sup>(d)</sup><br>|  | 160 | &nbsp;&nbsp; 189549 |
| &nbsp;&nbsp;&nbsp; ARES European CLO XII DAC, Series 12A, Class DR, <br> (3-mo. EURIBOR + 3.00%), 5.02%, 04/20/32<sup>(b)</sup><br>|  | 875 | &nbsp;&nbsp; 1031332 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, (3-<br> mo. EURIBOR + 3.50%), 5.53%, 01/15/38<sup>(d)</sup><br>|  | 430 | &nbsp;&nbsp; 513884 |
| &nbsp;&nbsp;&nbsp; Arini European CLO V DAC, Series 5X, Class D, (3-<br> mo. EURIBOR + 2.80%), 5.17%, 01/15/39<sup>(d)</sup><br>|  | 230 | &nbsp;&nbsp; 269972 |
| &nbsp;&nbsp;&nbsp; Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.15%), 5.28%, 10/15/38<sup>(d)</sup><br>|  | 100 | &nbsp;&nbsp; 118770 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<sup>(d)</sup><br>|  | 160 | &nbsp;&nbsp; 187398 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.08%, 01/15/38<sup>(d)</sup><br>|  | 170 | &nbsp;&nbsp; 200716 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-mo. <br> EURIBOR + 2.90%), 4.93%, 01/15/35<sup>(d)</sup><br>|  | 150 | &nbsp;&nbsp; 177018 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.19%, 10/25/37<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 415103 |
| &nbsp;&nbsp;&nbsp; CIFC European Funding CLO III DAC, Series 3A, <br> Class D, (3-mo. EURIBOR + 3.60%), 5.63%, <br> 01/15/34<sup>(b)</sup><br>|  | 700 | &nbsp;&nbsp; 829115 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 10/15/37<sup>(d)</sup><br>|  | 230 | &nbsp;&nbsp; 271829 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.42%, 01/23/38<sup>(d)</sup><br>|  | 290 | &nbsp;&nbsp; 344288 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.23%, 11/20/38<sup>(d)</sup><br>|  | 220 | &nbsp;&nbsp; 261114 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund XIX DAC, Series 19A, <br> Class D, (3-mo. EURIBOR + 3.80%), 5.82%, <br> 12/23/33<sup>(b)</sup><br>|  | 2300 | &nbsp;&nbsp; 2740079 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.84%, 08/15/33<sup>(d)</sup><br>|  | 700 | &nbsp;&nbsp; 823006 |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.74%, <br> 02/15/38<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 350333 |
| &nbsp;&nbsp;&nbsp; Hambridge Euro CLO 1 DAC, Series 1X, Class D, <br> 10/20/38<sup>(d)(e)</sup><br>|  | 210 | &nbsp;&nbsp; 246551 |
| &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 2032X, Class D, (3-<br> mo. EURIBOR + 3.60%), 5.54%, 07/25/37<sup>(d)</sup><br>|  | 209 | &nbsp;&nbsp; 249282 |
| &nbsp;&nbsp;&nbsp; Henley CLO IV DAC, Series 4A, Class D, (3-mo. <br> EURIBOR + 3.00%), 4.94%, 04/25/34<sup>(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1184202 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<sup>(d)</sup><br>|  | 330 | &nbsp;&nbsp; 389869 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 01/15/38<sup>(d)</sup><br>|  | 220 | &nbsp;&nbsp; 261937 |
| &nbsp;&nbsp;&nbsp; Invesco Euro CLO V DAC, Series 5A, Class D, (3-mo. <br> EURIBOR + 3.80%), 6.08%, 01/15/34<sup>(b)</sup><br>|  | 3150 | &nbsp;&nbsp; 3701532 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO XXIX DAC, Series 2024-29X, Class D, <br> (3-mo. EURIBOR + 3.20%), 5.23%, 01/15/39<sup>(d)</sup><br>|  | 370 | &nbsp;&nbsp; 438936 |
| Palmer Square European Loan Funding DAC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.19%, 05/15/34<br>|  | 250 | &nbsp;&nbsp; 294281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.09%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 260434 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.29%, 08/15/38<sup>(d)</sup><br>| EUR | 232 | &nbsp;&nbsp; $274220 |
| Prodigy Finance DAC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1-mo. Term SOFR + <br> 3.86%), 8.02%, 07/25/51<br>| USD | 58 | &nbsp;&nbsp; 59243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1-mo. Term SOFR + <br> 6.01%), 10.17%, 07/25/51<br>|  | 58 | &nbsp;&nbsp; 59542 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.23%, 10/15/38<sup>(d)</sup><br>| EUR | 238 | &nbsp;&nbsp; 281875 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/37<sup>(d)</sup><br>|  | 290 | &nbsp;&nbsp; 342457 |
| &nbsp;&nbsp;&nbsp; Signal Harmonic CLO I DAC, Series 1X, Class DR, <br> (3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38<sup>(d)</sup><br>|  | 190 | &nbsp;&nbsp; 225634 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.27%, 04/20/37<sup>(d)</sup><br>|  | 470 | &nbsp;&nbsp; 557687 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. <br> EURIBOR + 3.30%), 5.33%, 08/25/38<sup>(d)</sup><br>|  | 170 | &nbsp;&nbsp; 201859 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.20%, <br> 04/16/39<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 415820 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.27%, 10/20/38<sup>(d)</sup><br>|  | 340 | &nbsp;&nbsp; 401197 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 5.48%, 01/15/38<sup>(d)</sup><br>|  | 320 | &nbsp;&nbsp; 381919 |
|  |  |  | &nbsp;&nbsp; 21049747 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 297 | &nbsp;&nbsp; 416427 |
| **United States — 2.2%** | **United States — 2.2%** | **United States — 2.2%** |  |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%, 06/25/61<sup>(a)</sup> | USD | 3269 | &nbsp;&nbsp; 3266321 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 6.75%, 06/25/61<sup>(a)</sup> |  | 723 | &nbsp;&nbsp; 818370 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.00%, 06/25/61 |  | 1260 | &nbsp;&nbsp; 1269639 |
| Citigroup Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1-mo. Term SOFR + <br> 0.31%), 4.47%, 05/25/37<br>|  | 3886 | &nbsp;&nbsp; 2625025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1-mo. Term SOFR + <br> 0.28%), 4.44%, 07/25/45<br>|  | 2835 | &nbsp;&nbsp; 1983549 |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, Series 2021-A, <br> Class D, 4.12%, 07/25/51<sup>(b)</sup><br>|  | 140 | &nbsp;&nbsp; 134701 |
| &nbsp;&nbsp;&nbsp; Credit Suisse ABS Repackaging Trust, Series 2013-A, <br> Class R1, 0.00%, 04/25/43<sup>(b)(c)</sup><br>|  | 5 | &nbsp;&nbsp; 1684120 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, <br> Class F, 3.80%, 12/17/26<sup>(b)</sup><br>|  | 2399 | &nbsp;&nbsp; 2337103 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust, Series 2020-2A, Class D, <br> 6.77%, 04/21/31<sup>(b)</sup><br>|  | 2830 | &nbsp;&nbsp; 2836035 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-1A, Class D, <br> 5.05%, 11/20/31<sup>(b)</sup><br>|  | 2320 | &nbsp;&nbsp; 2207315 |
| Mariner Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class E, 5.40%, 03/20/36 |  | 1420 | &nbsp;&nbsp; 1375931 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36 |  | 540 | &nbsp;&nbsp; 502540 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62 |  | 1670 | &nbsp;&nbsp; 1519050 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62 |  | 340 | &nbsp;&nbsp; 304570 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62 |  | 110 | &nbsp;&nbsp; 94736 |
| &nbsp;&nbsp;&nbsp; Progress Residential, Series 2021-SFR3, Class H, <br> 4.75%, 05/17/26<sup>(b)</sup><br>|  | 1140 | &nbsp;&nbsp; 1133053 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(b)(c)</sup><br>|  | 4780 | &nbsp;&nbsp; 4630864 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<sup>(b)</sup><br>| USD | 800 | &nbsp;&nbsp; $783386 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, Series 2020-1, <br> Class B1, 3.95%, 01/26/60<sup>(a)(b)</sup><br>|  | 400 | &nbsp;&nbsp; 382504 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D1, 3.86%, 01/15/53 |  | 1186 | &nbsp;&nbsp; 1080868 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D2, 3.86%, 01/15/53 |  | 647 | &nbsp;&nbsp; 589634 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 3.93%, 01/15/53 |  | 260 | &nbsp;&nbsp; 233211 |
| &nbsp;&nbsp;&nbsp; Sofi Professional Loan Program LLC, Series 2018-A, <br> Class R1, 0.00%, 02/25/42<sup>(b)</sup><br>|  | 115 | &nbsp;&nbsp; 1283947 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, <br> Series 2005-WF2, Class M8, (1-mo. Term SOFR + <br> 1.91%), 6.07%, 05/25/35<sup>(a)</sup><br>|  | 182 | &nbsp;&nbsp; 179323 |
| Tricon Residential Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 |  | 1375 | &nbsp;&nbsp; 1356094 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 874112 |
|  |  |  | &nbsp;&nbsp; 35486001 |
| **Total Asset-Backed Securities — 4.9%** <br>**(Cost: $86,681,612)** | **Total Asset-Backed Securities — 4.9%** <br>**(Cost: $86,681,612)** | **Total Asset-Backed Securities — 4.9%** <br>**(Cost: $86,681,612)** | &nbsp;&nbsp; 79182239 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 1.2%** | **Canada — 1.2%** |  |
| Algoma Steel Group, Inc. | 178901 | &nbsp;&nbsp; 635993 |
| Cameco Corp. | 173826 | &nbsp;&nbsp; 14577048 |
| Suncor Energy, Inc. | 87340 | &nbsp;&nbsp; 3655013 |
|  |  | &nbsp;&nbsp; 18868054 |
| **Cayman Islands**<sup>(f)</sup> **— 0.1%** | **Cayman Islands**<sup>(f)</sup> **— 0.1%** |  |
| Accelerant Holdings, Class A | 12857 | &nbsp;&nbsp; 191441 |
| Bullish | 30650 | &nbsp;&nbsp; 1949646 |
|  |  | &nbsp;&nbsp; 2141087 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(c)(f)</sup> | 599 | &nbsp;&nbsp; 13777 |
| **China — 0.9%** | **China — 0.9%** |  |
| Alibaba Group Holding Ltd., ADR | 3707 | &nbsp;&nbsp; 662552 |
| BYD Co. Ltd., Class H | 306000 | &nbsp;&nbsp; 4325211 |
| Tencent Holdings Ltd. | 109167 | &nbsp;&nbsp; 9302076 |
|  |  | &nbsp;&nbsp; 14289839 |
| **Denmark — 0.4%** | **Denmark — 0.4%** |  |
| DSV A/S | 23902 | &nbsp;&nbsp; 4774916 |
| Novo Nordisk A/S, Class B | 30598 | &nbsp;&nbsp; 1703746 |
|  |  | &nbsp;&nbsp; 6478662 |
| **France — 1.5%** | **France — 1.5%** |  |
| Arkema SA | 20886 | &nbsp;&nbsp; 1324341 |
| Cie de Saint-Gobain SA | 61086 | &nbsp;&nbsp; 6618766 |
| EssilorLuxottica SA | 28882 | &nbsp;&nbsp; 9408420 |
| Hermes International SCA | 2602 | &nbsp;&nbsp; 6398421 |
| Societe Generale SA | 12265 | &nbsp;&nbsp; 816559 |
|  |  | &nbsp;&nbsp; 24566507 |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| Northern Data AG<sup>(f)</sup> | 4783 | &nbsp;&nbsp; 98937 |
| SAP SE | 11360 | &nbsp;&nbsp; 3041837 |
|  |  | &nbsp;&nbsp; 3140774 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India — 0.0%** | **India — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Class J-B, (Acquired <br> 12/11/20, Cost: $5,113,105)<sup>(c)(f)(g)</sup><br>| 2279 | &nbsp;&nbsp; $— |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(c)(f)</sup> | 66096 | &nbsp;&nbsp; 3966 |
| **Italy — 1.5%** | **Italy — 1.5%** |  |
| Intesa Sanpaolo SpA | 1839986 | &nbsp;&nbsp; 12179195 |
| Leonardo SpA | 11182 | &nbsp;&nbsp; 715499 |
| UniCredit SpA | 144361 | &nbsp;&nbsp; 10985162 |
|  |  | &nbsp;&nbsp; 23879856 |
| **Japan — 0.0%** | **Japan — 0.0%** |  |
| FANUC Corp. | 15 | &nbsp;&nbsp; 431 |
| Rakuten Group, Inc.<sup>(f)</sup> | 112800 | &nbsp;&nbsp; 731470 |
|  |  | &nbsp;&nbsp; 731901 |
| **Macau — 0.0%** | **Macau — 0.0%** |  |
| Wynn Macau Ltd. | 534519 | &nbsp;&nbsp; 495694 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** |  |
| ASML Holding NV | 15389 | &nbsp;&nbsp; 15007152 |
| ING Groep NV | 62974 | &nbsp;&nbsp; 1650911 |
|  |  | &nbsp;&nbsp; 16658063 |
| **Spain — 0.4%** | **Spain — 0.4%** |  |
| CaixaBank SA | 84877 | &nbsp;&nbsp; 896464 |
| Cellnex Telecom SA<sup>(b)</sup> | 159693 | &nbsp;&nbsp; 5531355 |
|  |  | &nbsp;&nbsp; 6427819 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $322,253)<sup>(c)(f)(g)</sup><br>| 2732 | &nbsp;&nbsp; — |
| **Taiwan — 1.3%** | **Taiwan — 1.3%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 77145 | &nbsp;&nbsp; 21545827 |
| **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |  |
| BAE Systems PLC | 492909 | &nbsp;&nbsp; 13720821 |
| Compass Group PLC | 196450 | &nbsp;&nbsp; 6696143 |
| Flutter Entertainment PLC<sup>(f)</sup> | 7485 | &nbsp;&nbsp; 1901190 |
| Genius Sports Ltd.<sup>(f)</sup> | 140437 | &nbsp;&nbsp; 1738610 |
| National Grid PLC | 489463 | &nbsp;&nbsp; 7032927 |
| RELX PLC | 145997 | &nbsp;&nbsp; 6975562 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $2,398,802)<sup>(c)(f)(g)</sup><br>| 1235 | &nbsp;&nbsp; 404030 |
|  |  | &nbsp;&nbsp; 38469283 |
| **United States — 46.6%** | **United States — 46.6%** |  |
| Advanced Micro Devices, Inc.<sup>(f)</sup> | 2700 | &nbsp;&nbsp; 436833 |
| Air Products and Chemicals, Inc. | 11746 | &nbsp;&nbsp; 3203369 |
| Alphabet, Inc., Class C | 126339 | &nbsp;&nbsp; 30769863 |
| Amazon.com, Inc.<sup>(f)(h)</sup> | 180230 | &nbsp;&nbsp; 39573101 |
| AMC Networks, Inc., Class A<sup>(f)</sup> | 9801 | &nbsp;&nbsp; 80760 |
| Amentum Holdings, Inc.<sup>(f)</sup> | 33844 | &nbsp;&nbsp; 810564 |
| Apollo Global Management, Inc. | 36436 | &nbsp;&nbsp; 4855826 |
| Apple, Inc. | 126850 | &nbsp;&nbsp; 32299815 |
| Autodesk, Inc.<sup>(f)</sup> | 14902 | &nbsp;&nbsp; 4733918 |
| Bank of America Corp. | 305347 | &nbsp;&nbsp; 15752852 |
| Boeing Co.<sup>(f)</sup> | 49201 | &nbsp;&nbsp; 10619052 |
| Boston Scientific Corp.<sup>(f)(h)</sup> | 128567 | &nbsp;&nbsp; 12551996 |
| BP PLC | 73129 | &nbsp;&nbsp; 419881 |
| Broadcom, Inc. | 67195 | &nbsp;&nbsp; 22168302 |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 19728 | &nbsp;&nbsp; 533149 |
| Capital One Financial Corp. | 44119 | &nbsp;&nbsp; 9378817 |
| Caresyntax, Inc.<sup>(c)(f)</sup> | 15359 | &nbsp;&nbsp; 5068 |
| Carrier Global Corp. | 5949 | &nbsp;&nbsp; 355155 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Centene Corp.<sup>(f)</sup> | 31726 | &nbsp;&nbsp; $1131984 |
| Century Communities, Inc. | 15990 | &nbsp;&nbsp; 1013286 |
| Chevron Corp. | 45738 | &nbsp;&nbsp; 7102654 |
| Cisco Systems, Inc. | 115907 | &nbsp;&nbsp; 7930357 |
| Citigroup, Inc. | 142279 | &nbsp;&nbsp; 14441318 |
| Coinbase Global, Inc., Class A<sup>(f)</sup> | 789 | &nbsp;&nbsp; 266280 |
| Comerica, Inc. | 1300 | &nbsp;&nbsp; 89076 |
| Confluent, Inc., Class A<sup>(f)</sup> | 131710 | &nbsp;&nbsp; 2607858 |
| Core Scientific, Inc.<sup>(f)</sup> | 103904 | &nbsp;&nbsp; 1864038 |
| Costco Wholesale Corp. | 16253 | &nbsp;&nbsp; 15044264 |
| CRH PLC | 65384 | &nbsp;&nbsp; 7839542 |
| Crown PropTech Acquisitions<sup>(c)(f)</sup> | 84264 | &nbsp;&nbsp; 69360 |
| Crown PropTech Acquisitions, Class A<sup>(f)</sup> | 29568 | &nbsp;&nbsp; 336484 |
| &nbsp;&nbsp;&nbsp; Davidson Kempner Merchant Co-Investment Fund LP, <br> (Acquired 06/30/21, Cost: $0)<sup>(f)(g)(i)</sup><br>| — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 4436210 |
| Delta Air Lines, Inc. | 63703 | &nbsp;&nbsp; 3615145 |
| DR Horton, Inc. | 28111 | &nbsp;&nbsp; 4763971 |
| Duke Energy Corp. | 5700 | &nbsp;&nbsp; 705375 |
| EchoStar Corp., Class A<sup>(f)</sup> | 56142 | &nbsp;&nbsp; 4287003 |
| Eli Lilly & Co. | 20111 | &nbsp;&nbsp; 15344693 |
| EOG Resources, Inc. | 4165 | &nbsp;&nbsp; 466980 |
| &nbsp;&nbsp;&nbsp; Epic Games, Inc., (Acquired 03/29/21, Cost: <br> $2,499,240)<sup>(c)(f)(g)</sup><br>| 2824 | &nbsp;&nbsp; 1975162 |
| EQT Corp. | 71847 | &nbsp;&nbsp; 3910632 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., (Acquired 06/24/21, Cost: <br> $1,482,935)<sup>(c)(f)(g)</sup><br>| 2532 | &nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp; Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: <br> $8,566,971)<sup>(c)(f)(g)</sup><br>| 126282 | &nbsp;&nbsp; 7724670 |
| Figma, Inc., Class A<sup>(f)</sup> | 4615 | &nbsp;&nbsp; 239380 |
| First Citizens BancShares, Inc., Class A | 228 | &nbsp;&nbsp; 407928 |
| First Horizon Corp. | 7186 | &nbsp;&nbsp; 162475 |
| Flagstar Financial, Inc. | 254364 | &nbsp;&nbsp; 2937904 |
| Flowco Holdings, Inc., Class A | 56042 | &nbsp;&nbsp; 832224 |
| Flyr AS<sup>(c)(f)</sup> | 421209 | &nbsp;&nbsp; 4 |
| Formentera Partners Fund II LP<sup>(c)(f)(i)</sup> | — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 3134282 |
| Freeport-McMoRan, Inc. | 173864 | &nbsp;&nbsp; 6818946 |
| Freewire Equity<sup>(c)(f)</sup> | 45 | &nbsp;&nbsp; — |
| General Electric Co. | 9153 | &nbsp;&nbsp; 2753405 |
| Hilton Worldwide Holdings, Inc. | 10312 | &nbsp;&nbsp; 2675345 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost: <br> $2,660,000)<sup>(c)(f)(g)</sup><br>| 2660000 | &nbsp;&nbsp; 1915200 |
| Home Depot, Inc. | 29553 | &nbsp;&nbsp; 11974580 |
| Intel Corp. | 28500 | &nbsp;&nbsp; 956175 |
| Intuit, Inc. | 8293 | &nbsp;&nbsp; 5663373 |
| Intuitive Surgical, Inc.<sup>(f)</sup> | 13642 | &nbsp;&nbsp; 6101112 |
| JPMorgan Chase & Co. | 60895 | &nbsp;&nbsp; 19208110 |
| Lam Research Corp. | 6051 | &nbsp;&nbsp; 810229 |
| Latch, Inc.<sup>(f)</sup> | 142273 | &nbsp;&nbsp; 14085 |
| Lionsgate Studios Corp.<sup>(f)</sup> | 95306 | &nbsp;&nbsp; 657611 |
| Live Nation Entertainment, Inc.<sup>(f)</sup> | 32426 | &nbsp;&nbsp; 5298408 |
| Lumen Technologies, Inc.<sup>(f)</sup> | 272406 | &nbsp;&nbsp; 1667125 |
| M/I Homes, Inc.<sup>(f)</sup> | 4074 | &nbsp;&nbsp; 588449 |
| Marsh & McLennan Cos., Inc. | 53595 | &nbsp;&nbsp; 10801000 |
| Mastercard, Inc., Class A | 28760 | &nbsp;&nbsp; 16358976 |
| McDonald's Corp. | 7321 | &nbsp;&nbsp; 2224779 |
| McKesson Corp. | 12864 | &nbsp;&nbsp; 9937955 |
| Medtronic PLC | 80529 | &nbsp;&nbsp; 7669582 |
| Meritage Homes Corp. | 12647 | &nbsp;&nbsp; 916022 |
| Meta Platforms, Inc., Class A | 31205 | &nbsp;&nbsp; 22916328 |
| Micron Technology, Inc. | 70921 | &nbsp;&nbsp; 11866502 |
| Microsoft Corp.<sup>(h)</sup> | 108244 | &nbsp;&nbsp; 56064980 |
| MNTN, Inc., (Acquired 11/05/21, Cost: $1,353,207)<sup>(f)(g)</sup> | 58924 | &nbsp;&nbsp; 1093040 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| MongoDB, Inc., Class A<sup>(f)</sup> | 2976 | &nbsp;&nbsp; $923691 |
| &nbsp;&nbsp;&nbsp; Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: <br> $560,518)<sup>(c)(f)(g)</sup><br>| 816 | &nbsp;&nbsp; — |
| Netflix, Inc.<sup>(f)</sup> | 4619 | &nbsp;&nbsp; 5537811 |
| NextEra Energy, Inc. | 116286 | &nbsp;&nbsp; 8778430 |
| NRG Energy, Inc. | 4984 | &nbsp;&nbsp; 807159 |
| NVIDIA Corp. | 230545 | &nbsp;&nbsp; 43015086 |
| Oracle Corp. | 30037 | &nbsp;&nbsp; 8447606 |
| Palantir Technologies, Inc., Class A<sup>(f)</sup> | 18885 | &nbsp;&nbsp; 3445002 |
| Palladyne AI Corp.<sup>(f)</sup> | 7517 | &nbsp;&nbsp; 64571 |
| Paramount Skydance Corp., Class B | 3734 | &nbsp;&nbsp; 70647 |
| Philip Morris International, Inc. | 26534 | &nbsp;&nbsp; 4303815 |
| Playstudios, Inc., Class A<sup>(f)</sup> | 226924 | &nbsp;&nbsp; 218437 |
| Progressive Corp. | 43521 | &nbsp;&nbsp; 10747511 |
| Relativity Space, Inc.<sup>(c)(f)</sup> | 496 | &nbsp;&nbsp; 511 |
| Rotor Acquisition Corp.<sup>(f)</sup> | 3978 | &nbsp;&nbsp; 34172 |
| Salesforce, Inc. | 28678 | &nbsp;&nbsp; 6796686 |
| Sanofi SA | 47778 | &nbsp;&nbsp; 4524288 |
| Sarcos Technology & Robotics Corp.<sup>(f)</sup> | 160743 | &nbsp;&nbsp; 1380784 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., Pipe, (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(f)(g)</sup><br>| 115000 | &nbsp;&nbsp; 785273 |
| ServiceNow, Inc.<sup>(f)</sup> | 3532 | &nbsp;&nbsp; 3250429 |
| ServiceTitan, Inc., Class A<sup>(f)</sup> | 10244 | &nbsp;&nbsp; 1032903 |
| Shell PLC | 325312 | &nbsp;&nbsp; 11668115 |
| Six Flags Entertainment Corp.<sup>(f)</sup> | 43361 | &nbsp;&nbsp; 985162 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $189,563)<sup>(c)(f)(g)</sup><br>| 12621 | &nbsp;&nbsp; 77241 |
| Solaris Energy Infrastructure, Inc., Class A | 87644 | &nbsp;&nbsp; 3503131 |
| Sonder Holdings, Inc., Class A<sup>(f)</sup> | 37498 | &nbsp;&nbsp; 47622 |
| Source Global PBC<sup>(c)(f)</sup> | 4622 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $1,663,335)<sup>(c)(f)(g)</sup><br>| 20535 | &nbsp;&nbsp; 4202282 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $1,785,240)<sup>(c)(f)(g)</sup><br>| 22040 | &nbsp;&nbsp; 4510266 |
| Starz Entertainment Corp.<sup>(f)</sup> | 3086 | &nbsp;&nbsp; 45457 |
| Stryker Corp. | 24421 | &nbsp;&nbsp; 9027711 |
| Tesla, Inc.<sup>(f)</sup> | 24905 | &nbsp;&nbsp; 11075752 |
| Thermo Fisher Scientific, Inc. | 3447 | &nbsp;&nbsp; 1671864 |
| TJX Cos., Inc. | 74209 | &nbsp;&nbsp; 10726169 |
| Toll Brothers, Inc. | 4111 | &nbsp;&nbsp; 567894 |
| Trane Technologies PLC | 22336 | &nbsp;&nbsp; 9424899 |
| TransDigm Group, Inc. | 4093 | &nbsp;&nbsp; 5394656 |
| Tri Pointe Homes, Inc.<sup>(f)</sup> | 27655 | &nbsp;&nbsp; 939440 |
| Uber Technologies, Inc.<sup>(f)</sup> | 15980 | &nbsp;&nbsp; 1565561 |
| Union Pacific Corp. | 17896 | &nbsp;&nbsp; 4230078 |
| United Airlines Holdings, Inc.<sup>(f)</sup> | 18827 | &nbsp;&nbsp; 1816805 |
| UnitedHealth Group, Inc. | 1919 | &nbsp;&nbsp; 662631 |
| Valero Energy Corp. | 13738 | &nbsp;&nbsp; 2339032 |
| Vertex Pharmaceuticals, Inc.<sup>(f)</sup> | 4657 | &nbsp;&nbsp; 1823867 |
| Vertiv Holdings Co., Class A | 47945 | &nbsp;&nbsp; 7232983 |
| Vistra Corp. | 40821 | &nbsp;&nbsp; 7997650 |
| Walmart, Inc. | 202079 | &nbsp;&nbsp; 20826262 |
| Walt Disney Co. | 61718 | &nbsp;&nbsp; 7066711 |
| Warner Bros Discovery, Inc., Class A<sup>(f)</sup> | 75452 | &nbsp;&nbsp; 1473578 |
| Wells Fargo & Co. | 108005 | &nbsp;&nbsp; 9052979 |
| Williams Cos., Inc. | 80729 | &nbsp;&nbsp; 5114182 |
| Wolfspeed, Inc. | 1112 | &nbsp;&nbsp; 31816 |
|  |  | &nbsp;&nbsp; 759448066 |
| **Total Common Stocks — 57.5%** <br>**(Cost: $638,358,477)** | **Total Common Stocks — 57.5%** <br>**(Cost: $638,358,477)** | &nbsp;&nbsp; 937159175 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** |
| Telecom Argentina SA, 9.25%, 05/28/33 | USD | 56 | &nbsp;&nbsp; $55029 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33 |  | 102 | &nbsp;&nbsp; 103938 |
|  |  |  | &nbsp;&nbsp; 158967 |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| AGL Energy Ltd., 5.77%, 09/30/35<sup>(d)</sup> | AUD | 200 | &nbsp;&nbsp; 132263 |
| Mineral Resources Ltd., 9.25%, 10/01/28<sup>(b)</sup> | USD | 255 | &nbsp;&nbsp; 267191 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 | AUD | 1980 | &nbsp;&nbsp; 1331522 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/26 |  | 2822 | &nbsp;&nbsp; 1907091 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/27 |  | 4703 | &nbsp;&nbsp; 3252014 |
| &nbsp;&nbsp;&nbsp; Pacific National Finance Pty. Ltd., (Update <br> Replacements.xls: ADSWAP5 + 3.85%), 7.75%, <br> 12/11/54<sup>(a)(d)</sup><br>|  | 190 | &nbsp;&nbsp; 129189 |
| &nbsp;&nbsp;&nbsp; Port of Newcastle Investments Financing Pty. Ltd., <br> 6.10%, 07/18/33<sup>(d)</sup><br>|  | 180 | &nbsp;&nbsp; 122357 |
| Scentre Group Trust 1, 5.35%, 09/18/35<sup>(d)</sup> |  | 430 | &nbsp;&nbsp; 280858 |
|  |  |  | &nbsp;&nbsp; 7422485 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 198829 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| LD Celulose International GmbH, 7.95%, 01/26/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 211200 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(d)</sup><br>|  | 182 | &nbsp;&nbsp; 156353 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 193 | &nbsp;&nbsp; 194821 |
| Samarco Mineracao SA<sup>(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(d)</sup> |  | 76 | &nbsp;&nbsp; 76576 |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 33 | &nbsp;&nbsp; 32960 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 116 | &nbsp;&nbsp; 119048 |
|  |  |  | &nbsp;&nbsp; 790958 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust, Series 2020-1, <br> Class C, 10.50%, 07/15/26<sup>(b)</sup><br>|  | 1769 | &nbsp;&nbsp; 1845002 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(d)</sup><br>| EUR | 384 | &nbsp;&nbsp; 461213 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(b)</sup> | USD | 9537 | &nbsp;&nbsp; 10511353 |
|  |  |  | &nbsp;&nbsp; 12817568 |
| **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br> 06/10/55<sup>(a)</sup><br>|  | 285 | &nbsp;&nbsp; 301419 |
| &nbsp;&nbsp;&nbsp; WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(k)(l)</sup><br>|  | 315 | &nbsp;&nbsp; 280757 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(k)</sup> |  | 13 | &nbsp;&nbsp; 12101 |
|  |  |  | &nbsp;&nbsp; 594277 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(l)</sup> |  | 223 | &nbsp;&nbsp; 409651 |
| Fantasia Holdings Group Co. Ltd.<sup>(d)(f)(m)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 12/17/21 |  | 320 | &nbsp;&nbsp; 4800 |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 |  | 520 | &nbsp;&nbsp; 5850 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 1200 | &nbsp;&nbsp; 18000 |
| Prosus NV, 4.03%, 08/03/50<sup>(d)</sup> |  | 303 | &nbsp;&nbsp; 212291 |
|  |  |  | &nbsp;&nbsp; 650592 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| &nbsp;&nbsp;&nbsp; ABRA Global Finance, (6.00% Cash & 8.00% PIK), <br> 14.00%, 10/22/29<sup>(b)(k)</sup><br>|  | 162 | &nbsp;&nbsp; 156618 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Colombia (continued)** | **Colombia (continued)** | **Colombia (continued)** | **Colombia (continued)** |
| Ecopetrol SA, 8.88%, 01/13/33 | USD | 238 | &nbsp;&nbsp; $258194 |
| SURA Asset Management SA, 6.35%, 05/13/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 213500 |
|  |  |  | &nbsp;&nbsp; 628312 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| &nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured Finance, 10.88%, <br> 01/15/31<sup>(b)</sup><br>|  | 211 | &nbsp;&nbsp; 224926 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 5.25%, 01/10/31<sup>(d)</sup> | EUR | 225 | &nbsp;&nbsp; 274728 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, (3-mo. EURIBOR + 4.25%), 6.28%, <br> 02/24/31<sup>(a)</sup><br>|  | 143 | &nbsp;&nbsp; 163478 |
| **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 117451 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 118058 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 152 | &nbsp;&nbsp; 182241 |
|  |  |  | &nbsp;&nbsp; 417750 |
| **France — 0.8%** | **France — 0.8%** | **France — 0.8%** | **France — 0.8%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> |  | 292 | &nbsp;&nbsp; 357600 |
| Atos SE<sup>(d)(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 |  | 305 | &nbsp;&nbsp; 337847 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 151673 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 330 | &nbsp;&nbsp; 444756 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(d)</sup><br>|  | 335 | &nbsp;&nbsp; 376054 |
| ELO SACA, 2.88%, 01/29/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 233788 |
| &nbsp;&nbsp;&nbsp; Figeac Aero SA, (Acquired 07/16/25, Cost: <br> $4,095,695), 7.79%, 07/23/30<sup>(c)(g)</sup><br>|  | 3520 | &nbsp;&nbsp; 4122327 |
| Forvia SE, 5.50%, 06/15/31<sup>(d)</sup> |  | 349 | &nbsp;&nbsp; 421279 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> |  | 317 | &nbsp;&nbsp; 386448 |
| iliad SA, 4.25%, 01/09/32<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 354127 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> |  | 282 | &nbsp;&nbsp; 336222 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(d)</sup><br>|  | 305 | &nbsp;&nbsp; 362071 |
| Loxam SAS, 6.38%, 05/31/29<sup>(d)</sup> |  | 583 | &nbsp;&nbsp; 709197 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(d)</sup> |  | 305 | &nbsp;&nbsp; 110607 |
| Maya SAS/Paris France, 6.88%, 04/15/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 124711 |
| New Immo Holding SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28 |  | 100 | &nbsp;&nbsp; 121225 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 200 | &nbsp;&nbsp; 237606 |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>|  | 200 | &nbsp;&nbsp; 238908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 600 | &nbsp;&nbsp; 740978 |
| &nbsp;&nbsp;&nbsp; Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $2,056,590), 7.00%, <br> 09/30/29<sup>(a)(c)(g)</sup><br>|  | 2085 | &nbsp;&nbsp; 2447599 |
| Worldline SA, 5.50%, 06/10/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 90994 |
|  |  |  | &nbsp;&nbsp; 12706017 |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| Adler Pelzer Holding GmbH, 9.50%, 04/01/27<sup>(b)</sup> |  | 173 | &nbsp;&nbsp; 193207 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122080 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.15%, 04/15/31<sup>(a)(d)</sup><br>|  | 307 | &nbsp;&nbsp; 362759 |
| Aroundtown Finance SARL<sup>(a)(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 4.51%), 7.13% |  | 271 | &nbsp;&nbsp; 335512 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.49%), 8.63% | GBP | 408 | &nbsp;&nbsp; 565064 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| BRANICKS Group AG, 2.25%, 09/22/26<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $92739 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br> 12/31/27<sup>(d)(n)</sup><br>|  | 352 | &nbsp;&nbsp; 389060 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(a)(d)</sup><br>|  | 400 | &nbsp;&nbsp; 484586 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(d)</sup> |  | 118 | &nbsp;&nbsp; 143645 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(d)(k)</sup><br>|  | 249 | &nbsp;&nbsp; 316442 |
| &nbsp;&nbsp;&nbsp; Lanxess AG, (6-mo. EURIBOR at 0.00% Floor + <br> 9.50%, 13.41% Cash or 13.41% PIK), 11.62%, <br> 04/01/31<sup>(c)(k)</sup><br>|  | 4051 | &nbsp;&nbsp; 4345996 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 489 | &nbsp;&nbsp; 594293 |
| PCF GmbH<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 |  | 104 | &nbsp;&nbsp; 94261 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 6.78%, 04/15/29<sup>(a)</sup> |  | 129 | &nbsp;&nbsp; 116633 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(d)</sup><br>|  | 236 | &nbsp;&nbsp; 278648 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 119329 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 122936 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(d)(l)</sup> |  | 100 | &nbsp;&nbsp; 122692 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(k)</sup><br>|  | 304 | &nbsp;&nbsp; 240215 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(d)</sup> |  | 104 | &nbsp;&nbsp; 125360 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(d)(l)</sup> |  | 200 | &nbsp;&nbsp; 235528 |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(d)(o)</sup><br>|  | 164 | &nbsp;&nbsp; 201209 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 243739 |
|  |  |  | &nbsp;&nbsp; 9845933 |
| **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>|  | 325 | &nbsp;&nbsp; 383484 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 200 | &nbsp;&nbsp; 252603 |
|  |  |  | &nbsp;&nbsp; 636087 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| AIA Group Ltd., 5.40%, 09/30/54<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 196038 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199025 |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., 4.25%, <br> 03/25/27<sup>(d)</sup><br>|  | 154 | &nbsp;&nbsp; 150728 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 206188 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 201500 |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<sup>(c)(k)</sup><br>|  | 2339 | &nbsp;&nbsp; 2444928 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 203700 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(d)</sup> |  | 190 | &nbsp;&nbsp; 187947 |
| Muthoot Finance Ltd., 6.38%, 03/02/30<sup>(d)</sup> |  | 415 | &nbsp;&nbsp; 420312 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199722 |
| Vedanta Resources Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(b)</sup> |  | 389 | &nbsp;&nbsp; 407234 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 209375 |
|  |  |  | &nbsp;&nbsp; 4830659 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| Freeport Indonesia PT, 6.20%, 04/14/52<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 204600 |
| **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.66%, <br> 05/15/28<sup>(a)</sup><br>| EUR | 102 | &nbsp;&nbsp; 120439 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| eircom Finance DAC, 5.00%, 04/30/31 | EUR | 223 | &nbsp;&nbsp; $268168 |
| Flutter Treasury DAC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/04/31 |  | 211 | &nbsp;&nbsp; 248245 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/04/31 | GBP | 100 | &nbsp;&nbsp; 135539 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<br>|  | 100 | &nbsp;&nbsp; 138994 |
|  |  |  | &nbsp;&nbsp; 911385 |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| Agrifarma SpA, 4.50%, 10/31/28<sup>(b)</sup> | EUR | 1882 | &nbsp;&nbsp; 2220609 |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(d)</sup><br>|  | 309 | &nbsp;&nbsp; 368527 |
| Bubbles Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 236 | &nbsp;&nbsp; 283791 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.25%, 09/30/31<sup>(a)</sup> |  | 231 | &nbsp;&nbsp; 273291 |
| Continuum Energy Pte. Ltd., 5.00%, 09/11/27<sup>(b)(c)</sup> | USD | 853 | &nbsp;&nbsp; 852781 |
| Dolcetto Holdco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/14/32 | EUR | 156 | &nbsp;&nbsp; 187776 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.63%), 5.64%, 07/14/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118339 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.15%, <br> 07/15/31<sup>(a)(d)</sup><br>|  | 301 | &nbsp;&nbsp; 355504 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(d)</sup><br>|  | 448 | &nbsp;&nbsp; 560492 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(a)(d)(o)</sup> |  | 200 | &nbsp;&nbsp; 238666 |
| Fedrigoni SpA, 6.13%, 06/15/31<sup>(d)</sup> |  | 298 | &nbsp;&nbsp; 347773 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(d)(k)</sup> |  | 196 | &nbsp;&nbsp; 212725 |
| Fibercop SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30 |  | 100 | &nbsp;&nbsp; 119253 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32 |  | 100 | &nbsp;&nbsp; 119332 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(d)</sup> |  | 257 | &nbsp;&nbsp; 304013 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119447 |
| Lottomatica Group SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/30 |  | 100 | &nbsp;&nbsp; 121660 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/31/31 |  | 148 | &nbsp;&nbsp; 179040 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.30%, 06/01/31<sup>(a)</sup> |  | 142 | &nbsp;&nbsp; 167708 |
| Marcolin SpA, 6.13%, 11/15/26<sup>(b)</sup> |  | 540 | &nbsp;&nbsp; 634397 |
| Pachelbel Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 173297 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.27%, 05/17/31<sup>(a)</sup> |  | 126 | &nbsp;&nbsp; 149033 |
| Rossini SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 147 | &nbsp;&nbsp; 182075 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.88%, 12/31/29<sup>(a)</sup> |  | 89 | &nbsp;&nbsp; 105454 |
| TeamSystem SpA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.19%, 07/01/32 |  | 112 | &nbsp;&nbsp; 131639 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31 |  | 218 | &nbsp;&nbsp; 256686 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 74 | &nbsp;&nbsp; 81977 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 247258 |
|  |  |  | &nbsp;&nbsp; 9112543 |
| **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** |
| Nissan Motor Co. Ltd., 5.25%, 07/17/29 |  | 214 | &nbsp;&nbsp; 256052 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 |  | 276 | &nbsp;&nbsp; 335672 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 114142 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29 |  | 100 | &nbsp;&nbsp; 121057 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/10/31 |  | 100 | &nbsp;&nbsp; 123682 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 380 | &nbsp;&nbsp; 466169 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/10/33 |  | 100 | &nbsp;&nbsp; 124834 |
|  |  |  | &nbsp;&nbsp; 1541608 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 | GBP | 285 | &nbsp;&nbsp; $372694 |
| Deepocean Ltd., 04/08/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 118991 |
|  |  |  | &nbsp;&nbsp; 491685 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26<sup>(d)</sup> | USD | 297 | &nbsp;&nbsp; 295664 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(k)</sup><br>| EUR | 820 | &nbsp;&nbsp; 1024748 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(d)</sup><br>|  | 185 | &nbsp;&nbsp; 225316 |
| Currenta Group Holdings SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/30 |  | 159 | &nbsp;&nbsp; 191304 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.00%), 6.04%, 05/15/32<sup>(a)</sup> |  | 163 | &nbsp;&nbsp; 192889 |
| &nbsp;&nbsp;&nbsp; Encore Issuances SA, Series 155, (3-mo. EURIBOR + <br> 10.00%), 12.05%, 11/06/25<sup>(a)</sup><br>|  | 48 | &nbsp;&nbsp; 55699 |
| Herens Midco SARL, 5.25%, 05/15/29<sup>(b)</sup> |  | 490 | &nbsp;&nbsp; 330668 |
| INEOS Finance PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29 |  | 384 | &nbsp;&nbsp; 446468 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31 |  | 186 | &nbsp;&nbsp; 218064 |
| ION Platform Finance SARL<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 09/30/30 |  | 119 | &nbsp;&nbsp; 139712 |
| &nbsp;&nbsp;&nbsp; 09/30/32 |  | 100 | &nbsp;&nbsp; 117405 |
| ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 392531 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(d)</sup> | EUR | 411 | &nbsp;&nbsp; 271625 |
| Luna 1.5 SARL, (10.50% PIK), 10.50%, 07/01/32<sup>(d)(k)</sup> |  | 191 | &nbsp;&nbsp; 232378 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119445 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(d)</sup> |  | 306 | &nbsp;&nbsp; 364726 |
| SES SA, 4.88%, 06/24/33<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122237 |
| Summer BC Holdco B SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 200 | &nbsp;&nbsp; 229342 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.29%, 02/15/30<sup>(a)</sup> |  | 127 | &nbsp;&nbsp; 146424 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(d)(k)</sup><br>|  | 526 | &nbsp;&nbsp; 615833 |
|  |  |  | &nbsp;&nbsp; 5436814 |
| **Macau**<sup>(d)</sup> **— 0.0%** | **Macau**<sup>(d)</sup> **— 0.0%** | **Macau**<sup>(d)</sup> **— 0.0%** | **Macau**<sup>(d)</sup> **— 0.0%** |
| MGM China Holdings Ltd., 5.88%, 05/15/26 | USD | 250 | &nbsp;&nbsp; 249845 |
| Studio City Finance Ltd., 5.00%, 01/15/29 |  | 200 | &nbsp;&nbsp; 192800 |
| Wynn Macau Ltd., 5.63%, 08/26/28 |  | 200 | &nbsp;&nbsp; 199602 |
|  |  |  | &nbsp;&nbsp; 642247 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de C.V., 2.63%, <br> 02/24/26<sup>(d)(l)</sup><br>| EUR | 500 | &nbsp;&nbsp; 586067 |
| Orbia Advance Corp. SAB de CV, 6.80%, 05/13/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 207951 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/31/26<sup>(b)</sup> |  | 2767 | &nbsp;&nbsp; 2750398 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 207 | &nbsp;&nbsp; 222924 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 188 | &nbsp;&nbsp; 182266 |
|  |  |  | &nbsp;&nbsp; 3949606 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA, 7.50%, 05/02/54<sup>(b)</sup> |  | 317 | &nbsp;&nbsp; 351772 |
| **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** |
| Boels Topholding BV, 5.75%, 05/15/30 | EUR | 328 | &nbsp;&nbsp; 399390 |
| Q-Park Holding I BV, 5.13%, 02/15/30 |  | 456 | &nbsp;&nbsp; 552978 |
| VZ Secured Financing BV, 5.25%, 01/15/33 |  | 241 | &nbsp;&nbsp; 282933 |
|  |  |  | &nbsp;&nbsp; 1235301 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(d)</sup><br>| USD | 239 | &nbsp;&nbsp; 225829 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<br>| USD | 155 | &nbsp;&nbsp; $165447 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30 |  | 159 | &nbsp;&nbsp; 164931 |
|  |  |  | &nbsp;&nbsp; 330378 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 206042 |
| **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** |
| United Group BV, 6.50%, 10/31/31<sup>(d)</sup> | EUR | 102 | &nbsp;&nbsp; 121267 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(d)</sup> |  | 150 | &nbsp;&nbsp; 173722 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | USD | 200 | &nbsp;&nbsp; 199062 |
| Stillwater Mining Co., 4.50%, 11/16/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 186125 |
|  |  |  | &nbsp;&nbsp; 558909 |
| **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.52%, 05/01/30<sup>(a)</sup><br>| EUR | 193 | &nbsp;&nbsp; 227996 |
| Cirsa Finance International SARL, 6.50%, 03/15/29 |  | 432 | &nbsp;&nbsp; 528198 |
| Grifols SA, 7.13%, 05/01/30 |  | 229 | &nbsp;&nbsp; 283208 |
| Iberdrola Finanzas SA, Series IBE, 1.50%, 03/27/30<sup>(l)</sup> |  | 100 | &nbsp;&nbsp; 120530 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 |  | 187 | &nbsp;&nbsp; 222223 |
|  |  |  | &nbsp;&nbsp; 1382155 |
| **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** |
| Intrum Investments And Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/11/27 |  | 66 | &nbsp;&nbsp; 71830 |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/11/27<sup>(d)</sup> |  | 137 | &nbsp;&nbsp; 162932 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/29 |  | 83 | &nbsp;&nbsp; 85223 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/30<sup>(b)(d)</sup> |  | 65 | &nbsp;&nbsp; 66904 |
| &nbsp;&nbsp;&nbsp; Series 1, 7.75%, 09/11/28<sup>(b)(d)</sup> |  | 117 | &nbsp;&nbsp; 121184 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 167040 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> | USD | 500 | &nbsp;&nbsp; 509759 |
| Verisure Holding AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/27<sup>(d)</sup> | EUR | 251 | &nbsp;&nbsp; 294361 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/28<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 287618 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(d)</sup> |  | 553 | &nbsp;&nbsp; 653048 |
|  |  |  | &nbsp;&nbsp; 2419899 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| CHF | 255 | &nbsp;&nbsp; 316878 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Bangkok Bank PCL/Hong Kong, 5.30%, 09/21/28<sup>(b)</sup> | USD | 241 | &nbsp;&nbsp; 246873 |
| Muangthai Capital PCL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/28 |  | 200 | &nbsp;&nbsp; 202500 |
| &nbsp;&nbsp;&nbsp; 7.55%, 07/21/30 |  | 250 | &nbsp;&nbsp; 259138 |
|  |  |  | &nbsp;&nbsp; 708511 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 209000 |
| **Ukraine**<sup>(k)</sup> **— 0.0%** | **Ukraine**<sup>(k)</sup> **— 0.0%** | **Ukraine**<sup>(k)</sup> **— 0.0%** | **Ukraine**<sup>(k)</sup> **— 0.0%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; (7.13% PIK), 7.13%, 07/19/26<sup>(d)</sup> | EUR | 232 | &nbsp;&nbsp; 234274 |
| &nbsp;&nbsp;&nbsp; (7.63% PIK), 7.63%, 11/08/28<sup>(b)</sup> | USD | 270 | &nbsp;&nbsp; 211045 |
|  |  |  | &nbsp;&nbsp; 445319 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| &nbsp;&nbsp;&nbsp; DP World Salaam, (5-year CMT + 5.75%), <br> 6.00%<sup>(a)(d)(o)</sup><br>|  | 352 | &nbsp;&nbsp; 352063 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., (15.00% PIK), <br> (Acquired 12/19/23, Cost: $1,655,539), <br> 06/19/26<sup>(c)(e)(g)(k)</sup><br>| GBP | 1301 | &nbsp;&nbsp; $1693116 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 573 | &nbsp;&nbsp; 707077 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(d)</sup> |  | 1025 | &nbsp;&nbsp; 1243860 |
| BCP V Modular Services Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28<sup>(b)</sup> | GBP | 855 | &nbsp;&nbsp; 1073517 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/10/31<sup>(d)</sup> | EUR | 382 | &nbsp;&nbsp; 419290 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 176040 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(d)</sup> |  | 333 | &nbsp;&nbsp; 396774 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% PIK), 6.75%, <br> 11/01/27<sup>(d)(k)</sup><br>| GBP | 119 | &nbsp;&nbsp; 159416 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(d)</sup><br>| EUR | 196 | &nbsp;&nbsp; 239480 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 141299 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>| USD | 650 | &nbsp;&nbsp; 683413 |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(d)</sup> | EUR | 162 | &nbsp;&nbsp; 194692 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(b)</sup> | GBP | 345 | &nbsp;&nbsp; 463124 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> |  | 495 | &nbsp;&nbsp; 709830 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(d)</sup> | EUR | 151 | &nbsp;&nbsp; 178843 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(d)</sup> | GBP | 239 | &nbsp;&nbsp; 319886 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(d)</sup> |  | 639 | &nbsp;&nbsp; 863503 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(d)</sup> | EUR | 174 | &nbsp;&nbsp; 191452 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 208953 |
| Mobico Group PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 | EUR | 195 | &nbsp;&nbsp; 180220 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), 4.25%<sup>(a)(o)</sup> | GBP | 162 | &nbsp;&nbsp; 133020 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(d)</sup> | EUR | 201 | &nbsp;&nbsp; 212583 |
| Ocado Group PLC, 11.00%, 06/15/30<sup>(d)</sup> | GBP | 146 | &nbsp;&nbsp; 197278 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | EUR | 271 | &nbsp;&nbsp; 332542 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | GBP | 177 | &nbsp;&nbsp; 251146 |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 138 | &nbsp;&nbsp; 186104 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.66%, 07/31/29<sup>(a)</sup> | EUR | 123 | &nbsp;&nbsp; 142309 |
| &nbsp;&nbsp;&nbsp; Thames Water Super Senior Issuer PLC, 9.75%, <br> 10/10/27<sup>(b)</sup><br>| GBP | 38 | &nbsp;&nbsp; 57841 |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(d)</sup><br>|  | 770 | &nbsp;&nbsp; 736545 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(b)(p)</sup> |  | 6 | &nbsp;&nbsp; 6641 |
| Vmed O2 U.K. Financing I PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/29 |  | 100 | &nbsp;&nbsp; 128083 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32 | EUR | 1293 | &nbsp;&nbsp; 1556164 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(a)</sup><br>| USD | 59 | &nbsp;&nbsp; 55194 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 655 | &nbsp;&nbsp; 813875 |
|  |  |  | &nbsp;&nbsp; 15053110 |
| **United States — 6.5%** | **United States — 6.5%** | **United States — 6.5%** | **United States — 6.5%** |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> | USD | 130 | &nbsp;&nbsp; 139005 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(b)</sup> |  | 856 | &nbsp;&nbsp; 902010 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 1617 | &nbsp;&nbsp; 1406790 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(l)</sup> |  | 655 | &nbsp;&nbsp; 623888 |
| Amkor Technology, Inc., 6.63%, 09/15/27<sup>(b)</sup> |  | 299 | &nbsp;&nbsp; 299086 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/15/26<sup>(d)</sup> | EUR | 514 | &nbsp;&nbsp; 586825 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(b)(c)</sup> | USD | 4805 | &nbsp;&nbsp; 4612800 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(d)</sup> |  | 109 | &nbsp;&nbsp; 108728 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 179 | &nbsp;&nbsp; 214950 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> | USD | 40 | &nbsp;&nbsp; 41688 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Netherlands BV & Bausch & Lomb, <br> Inc., (3-mo. EURIBOR + 3.88%), 5.87%, <br> 01/15/31<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; $118956 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC & BCPE Flavor <br> Issuer, Inc., 9.50%, 07/01/32<sup>(b)</sup><br>| USD | 154 | &nbsp;&nbsp; 161180 |
| Beach Acquisition Bidco LLC, 5.25%, 07/15/32<sup>(d)</sup> | EUR | 128 | &nbsp;&nbsp; 154048 |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., (20.00% PIK), (Acquired <br> 01/26/24, Cost: $2,508,081), 20.00%, <br> 01/30/28<sup>(c)(g)(k)</sup><br>| USD | 2508 | &nbsp;&nbsp; 2608404 |
| California Resources Corp., 01/15/34<sup>(b)(e)</sup> |  | 707 | &nbsp;&nbsp; 702133 |
| Centene Corp., 4.25%, 12/15/27 |  | 2000 | &nbsp;&nbsp; 1964035 |
| Civitas Resources, Inc., 5.00%, 10/15/26<sup>(b)</sup> |  | 812 | &nbsp;&nbsp; 808096 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co., 4.75%, <br> 06/15/31<sup>(d)</sup><br>| EUR | 216 | &nbsp;&nbsp; 258373 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 | USD | 280 | &nbsp;&nbsp; 282526 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 500 | &nbsp;&nbsp; 518603 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 159 | &nbsp;&nbsp; 168660 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(b)</sup><br>|  | 506 | &nbsp;&nbsp; 519785 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> |  | 120 | &nbsp;&nbsp; 124212 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(b)(l)(p)</sup> |  | 281 | &nbsp;&nbsp; 314018 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 2040 | &nbsp;&nbsp; 1936222 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 |  | 448 | &nbsp;&nbsp; 414740 |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/29 |  | 985 | &nbsp;&nbsp; 828330 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(d)</sup> | EUR | 196 | &nbsp;&nbsp; 232329 |
| DISH Network Corp.<sup>(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(p)</sup> | USD | 1800 | &nbsp;&nbsp; 1773655 |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/26 |  | 174 | &nbsp;&nbsp; 167214 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (5-year CMT + 1.97%), <br> 6.25%, 03/12/40<sup>(a)</sup><br>|  | 1566 | &nbsp;&nbsp; 1586471 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(b)</sup> |  | 144 | &nbsp;&nbsp; 146127 |
| &nbsp;&nbsp;&nbsp; Flyr Secured Notes, (1-mo. CME Term SOFR at 0.50% <br> Floor + 5.00%, 9.44% Cash and 3.75% PIK), <br> 10.00%, 01/20/27<sup>(c)(k)</sup><br>|  | 1194 | &nbsp;&nbsp; 364935 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/06/26 |  | 410 | &nbsp;&nbsp; 413265 |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/26 |  | 1001 | &nbsp;&nbsp; 1014013 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 |  | 399 | &nbsp;&nbsp; 398659 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/05/26 |  | 806 | &nbsp;&nbsp; 808671 |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 |  | 807 | &nbsp;&nbsp; 800399 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(b)</sup> |  | 1950 | &nbsp;&nbsp; 1931750 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 223108 |
| Frontier Communications Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 660 | &nbsp;&nbsp; 666584 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 40 | &nbsp;&nbsp; 40471 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 1250 | &nbsp;&nbsp; 1305806 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31 |  | 700 | &nbsp;&nbsp; 737983 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 845 | &nbsp;&nbsp; 881589 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup> |  | 172 | &nbsp;&nbsp; 159625 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 1003 | &nbsp;&nbsp; 481983 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 2810 | &nbsp;&nbsp; 2838044 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL, 7.88%, 05/01/29<sup>(d)</sup><br>| EUR | 274 | &nbsp;&nbsp; 336610 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, (1-day SOFR + 1.35%), <br> 5.50%, 03/27/30<sup>(a)(d)</sup><br>| USD | 200 | &nbsp;&nbsp; 201740 |
| Iron Mountain, Inc., 4.75%, 01/15/34<sup>(d)</sup> | EUR | 284 | &nbsp;&nbsp; 334166 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust, Series 2019-1, Class AA, <br> 2.75%, 11/15/33<br>| USD | 327 | &nbsp;&nbsp; 289934 |
| Kronos International, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 03/15/29 | EUR | 100 | &nbsp;&nbsp; 123724 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Kronos International, Inc.<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series SEP, 9.50%, 03/15/29 | EUR | 100 | &nbsp;&nbsp; $123724 |
| Lessen Holdings, Inc., 12.48%, 01/05/28<sup>(b)(c)</sup> | USD | 2060 | &nbsp;&nbsp; 1915833 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 867 | &nbsp;&nbsp; 846560 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(d)</sup><br>| EUR | 209 | &nbsp;&nbsp; 256400 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> | USD | 430 | &nbsp;&nbsp; 465484 |
| Northern Oil & Gas, Inc., 10/15/33<sup>(b)(e)</sup> |  | 354 | &nbsp;&nbsp; 352599 |
| Olympus Water U.S. Holding Corp., 02/15/33<sup>(d)(e)</sup> | EUR | 224 | &nbsp;&nbsp; 263613 |
| OT Midco, Inc., 10.00%, 02/15/30<sup>(b)</sup> | USD | 1792 | &nbsp;&nbsp; 1210684 |
| &nbsp;&nbsp;&nbsp; Pioneer Midco LLC, (10.50% Cash or 11.63% PIK), <br> 10.50%, 11/18/30<sup>(b)(c)(k)</sup><br>|  | 5367 | &nbsp;&nbsp; 5380721 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 1822 | &nbsp;&nbsp; 1820557 |
| Resort Communities Loanco LP, 12.00%, 11/21/28<sup>(b)(c)</sup> |  | 9583 | &nbsp;&nbsp; 9811027 |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 1430 | &nbsp;&nbsp; 1521567 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 1771 | &nbsp;&nbsp; 1711492 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 147 | &nbsp;&nbsp; 142362 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE, Series SUFP, 1.25%, <br> 09/23/33<sup>(d)(l)</sup><br>| EUR | 400 | &nbsp;&nbsp; 474284 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 | USD | 639 | &nbsp;&nbsp; 676447 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 326 | &nbsp;&nbsp; 345123 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32 |  | 550 | &nbsp;&nbsp; 622971 |
| Service Properties Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/30/27<sup>(p)</sup> |  | 1185 | &nbsp;&nbsp; 1044613 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/15/31 |  | 110 | &nbsp;&nbsp; 117116 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc., 5.50%, 05/15/33<sup>(d)</sup><br>| EUR | 139 | &nbsp;&nbsp; 169925 |
| Solaris Energy Infrastructure, Inc., 4.75%, 05/01/30<sup>(l)</sup> | USD | 2286 | &nbsp;&nbsp; 4091724 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(c)(k)</sup><br>|  | 10938 | &nbsp;&nbsp; 8203488 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 772 | &nbsp;&nbsp; 813085 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 |  | 1706 | &nbsp;&nbsp; 1876249 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, 4.10%, 10/01/29 |  | 47 | &nbsp;&nbsp; 44704 |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, 3.65%, 08/15/31<sup>(f)(m)</sup> |  | 1397 | &nbsp;&nbsp; 1273227 |
| &nbsp;&nbsp;&nbsp; Series 2017-1AA, Class AA, 3.38%, 08/15/31 |  | 533 | &nbsp;&nbsp; 495818 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 2575 | &nbsp;&nbsp; 2441976 |
| Starz Capital Holdings LLC, 5.50%, 04/15/29<sup>(b)</sup> |  | 112 | &nbsp;&nbsp; 91840 |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(l)</sup> |  | 200 | &nbsp;&nbsp; 57000 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(b)</sup> |  | 240 | &nbsp;&nbsp; 254769 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 1648 | &nbsp;&nbsp; 1651009 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., (5-year CMT + 3.15%), <br> 4.00%, 05/06/31<sup>(a)</sup><br>|  | 794 | &nbsp;&nbsp; 782511 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 343 | &nbsp;&nbsp; 351682 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 11/01/29<br>|  | 219 | &nbsp;&nbsp; 207379 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)</sup><br>|  | 762 | &nbsp;&nbsp; 802538 |
| Warnermedia Holdings, Inc., 3.76%, 03/15/27 |  | 2631 | &nbsp;&nbsp; 2594824 |
| Westbay, 11.00%, 02/06/30<sup>(c)</sup> |  | 9314 | &nbsp;&nbsp; 9442533 |
| Windstream Services LLC, 10/15/33<sup>(b)(e)</sup> |  | 65 | &nbsp;&nbsp; 64982 |
| Wolfspeed, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(c)(l)</sup> |  | 12 | &nbsp;&nbsp; 11423 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(b)(l)</sup> |  | 5 | &nbsp;&nbsp; 4566 |
| &nbsp;&nbsp;&nbsp; 06/15/31<sup>(c)(e)</sup> |  | 13 | &nbsp;&nbsp; 50347 |
| Xerox Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/30 |  | 662 | &nbsp;&nbsp; 672483 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Xerox Corp.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/31 | USD | 559 | &nbsp;&nbsp; $541173 |
| Zayo Group Holdings, Inc., 03/09/30<sup>(b)(e)</sup> |  | 141 | &nbsp;&nbsp; 134537 |
|  |  |  | &nbsp;&nbsp; 105305915 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat, 6.95%, <br> 10/17/31<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 213558 |
| **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(d)</sup> |  | 169 | &nbsp;&nbsp; 167494 |
| **Total Corporate Bonds — 12.5%** <br>**(Cost: $201,734,802)** | **Total Corporate Bonds — 12.5%** <br>**(Cost: $201,734,802)** | **Total Corporate Bonds — 12.5%** <br>**(Cost: $201,734,802)** | &nbsp;&nbsp; 204747156 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vedanta Holdings Mauritius II Ltd., Delayed Draw Term <br> Loan, 18.00%, 04/17/26<sup>(c)</sup><br>|  | 864 | &nbsp;&nbsp; 863720 |
| **United States**<sup>(c)</sup> **— 0.5%** | **United States**<sup>(c)</sup> **— 0.5%** | **United States**<sup>(c)</sup> **— 0.5%** | **United States**<sup>(c)</sup> **— 0.5%** |
| AMF MF Portfolio, Term Loan, 7.29%, 11/01/28 |  | 2367 | &nbsp;&nbsp; 2428452 |
| CML ST Regis Aspen, Term Loan, 7.27%, 02/09/27 |  | 6479 | &nbsp;&nbsp; 6541219 |
|  |  |  | &nbsp;&nbsp; 8969671 |
| **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,672,061)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,672,061)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,672,061)** | &nbsp;&nbsp; 9833391 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.50%, <br> 02/27/30<br>| EUR | 588 | &nbsp;&nbsp; 694866 |
| &nbsp;&nbsp;&nbsp; HomeVi SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 4.75%), 6.78%, <br> 10/31/29<br>|  | 1000 | &nbsp;&nbsp; 1176540 |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1151063 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA, 2025 EUR Repriced Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.00%), 4.92%, <br> 02/03/31<br>|  | 1000 | &nbsp;&nbsp; 1177537 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term Loan <br> B4, (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.25%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1058093 |
|  |  |  | &nbsp;&nbsp; 5258099 |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| &nbsp;&nbsp;&nbsp; AVIV Group GmbH, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.10%, <br> 04/23/32<br>|  | 1147 | &nbsp;&nbsp; 1354458 |
| &nbsp;&nbsp;&nbsp; IFCO Management GmbH, 2024 EUR 1st Lien Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.40%, 11/29/29<br>|  | 1000 | &nbsp;&nbsp; 1177819 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.53%, 02/21/30<br>|  | 1439 | &nbsp;&nbsp; 1692676 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.00%, <br> 01/12/31<br>| EUR | 667 | &nbsp;&nbsp; $783922 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 3.50%), 5.62%, <br> 12/10/31<br>|  | 660 | &nbsp;&nbsp; 778748 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 2025 EUR Term Loan B1, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.33%, <br> 04/30/30<br>|  | 1000 | &nbsp;&nbsp; 1177479 |
|  |  |  | &nbsp;&nbsp; 6965102 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 5.00%), <br> 7.03%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 675036 |
| &nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 2025 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.75%), 5.66%, <br> 04/01/28<br>|  | 1000 | &nbsp;&nbsp; 1169648 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR Term <br> Loan, (1-mo. EURIBOR + 3.75%), 5.63%, <br> 05/17/27<sup>(c)</sup><br>|  | 1051 | &nbsp;&nbsp; 1234359 |
|  |  |  | &nbsp;&nbsp; 3079043 |
| **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** |
| Vita Global FinCo Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 8.00%), 10.05%, 07/06/27<br>|  | 5101 | &nbsp;&nbsp; 4970363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Incremental Term Loan, (6-mo. SONIA + <br> 8.00%), 11.97%, 09/23/27<br>| GBP | 3153 | &nbsp;&nbsp; 3509132 |
|  |  |  | &nbsp;&nbsp; 8479495 |
| **Luxembourg — 0.8%** | **Luxembourg — 0.8%** | **Luxembourg — 0.8%** | **Luxembourg — 0.8%** |
| &nbsp;&nbsp;&nbsp; Euro Parfums Fze, Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 9.12%, 06/23/28<sup>(c)</sup><br>| USD | 549 | &nbsp;&nbsp; 546247 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, EUR Term Loan, <br> 08/01/28<sup>(q)</sup><br>| EUR | 3515 | &nbsp;&nbsp; 4073470 |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), 5.41%, <br> 06/23/31<br>|  | 1000 | &nbsp;&nbsp; 1097373 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.50%, <br> 01/30/32<br>|  | 1000 | &nbsp;&nbsp; 1176669 |
| Speed Midco 3 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B2, (1-mo. EURIBOR at <br> 0.00% Floor + 4.95%), 6.87%, 05/16/29<sup>(c)</sup><br>|  | 2566 | &nbsp;&nbsp; 3012566 |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan, 09/23/32<sup>(q)</sup> |  | 1000 | &nbsp;&nbsp; 1174051 |
| Tackle SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B3, (3-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.28%, 05/22/28<br>|  | 594 | &nbsp;&nbsp; 697964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Repriced Term Loan B2, (6-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.37%, <br> 05/22/28<br>|  | 656 | &nbsp;&nbsp; 772543 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 8.00%), 9.93%, <br> 01/22/33<sup>(c)</sup><br>|  | 1043 | &nbsp;&nbsp; 1214387 |
|  |  |  | &nbsp;&nbsp; 13765270 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cypher Bidco BV, EUR Term Loan, (3-mo. EURIBOR + <br> 4.25%), 6.20%, 12/30/27<sup>(c)</sup><br>|  | 1828 | &nbsp;&nbsp; 2092133 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.93%, <br> 10/14/27<br>| EUR | 982 | &nbsp;&nbsp; $1153062 |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, 2025 EUR Term Loan B6B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.75%, <br> 07/01/31<br>|  | 1400 | &nbsp;&nbsp; 1646169 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1182492 |
|  |  |  | &nbsp;&nbsp; 6073856 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 6.00%), 9.97%, 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1075920 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sector Alarm Holding A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.53%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; 479804 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 5.98%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1519655 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.29%, <br> 10/30/31<br>|  | 741 | &nbsp;&nbsp; 874906 |
| &nbsp;&nbsp;&nbsp; Financiere Pax SAS, 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.04%, <br> 12/31/29<br>|  | 1000 | &nbsp;&nbsp; 1180531 |
| &nbsp;&nbsp;&nbsp; HBX Group International PLC, EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.87%, <br> 02/13/32<br>|  | 1011 | &nbsp;&nbsp; 1188295 |
|  |  |  | &nbsp;&nbsp; 4763387 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Platea BC Bidco AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Delayed Draw Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.50%, 04/03/31<br>|  | 65 | &nbsp;&nbsp; 77155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.50%, 04/03/31<br>|  | 833 | &nbsp;&nbsp; 983727 |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.69%, <br> 03/29/30<br>|  | 1009 | &nbsp;&nbsp; 1191828 |
|  |  |  | &nbsp;&nbsp; 2252710 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| &nbsp;&nbsp;&nbsp; Belron U.K. Finance PLC, 2024 EUR Incremental Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.00%), <br> 4.97%, 10/16/31<br>|  | 1325 | &nbsp;&nbsp; 1560561 |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd., GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.72%, 08/30/32<br>| GBP | 1160 | &nbsp;&nbsp; 1570031 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.97%, 04/29/29<br>|  | 1000 | &nbsp;&nbsp; 1345599 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, 2024 EUR Term Loan B3, <br> (6-mo. EURIBOR at 0.00% Floor + 2.50%), 4.58%, <br> 09/30/31<br>| EUR | 1000 | &nbsp;&nbsp; 1173076 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp; Inspired Finco Holdings Ltd., 2025 EUR Term Loan B6, <br> (1-mo. EURIBOR at 0.00% Floor + 3.25%), 5.16%, <br> 02/28/31<br>| EUR | 719 | &nbsp;&nbsp; $847034 |
| &nbsp;&nbsp;&nbsp; Masorange Finco PLC, 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.56%, <br> 03/25/31<br>|  | 1000 | &nbsp;&nbsp; 1172795 |
|  |  |  | &nbsp;&nbsp; 7669096 |
| **United States — 4.2%** | **United States — 4.2%** | **United States — 4.2%** | **United States — 4.2%** |
| &nbsp;&nbsp;&nbsp; Alorica, Inc., 2022 Term Loan, (1-mo. CME Term SOFR <br> + 6.88%), 11.04%, 12/21/27<sup>(c)</sup><br>| USD | 3043 | &nbsp;&nbsp; 3020435 |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.58%, <br> 02/01/30<br>|  | 2548 | &nbsp;&nbsp; 2412340 |
| &nbsp;&nbsp;&nbsp; Arctera U.S. Holdings LLC, 2024 Priority Term Loan, <br> (3-mo. CME Term SOFR at 2.50% Floor + 8.00%, <br> 4.50% PIK), 12.00%, 12/09/29<sup>(k)</sup><br>|  | 632 | &nbsp;&nbsp; 637801 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.16%, <br> 01/28/32<br>| EUR | 1000 | &nbsp;&nbsp; 1178723 |
| &nbsp;&nbsp;&nbsp; CML La Quinta Resort, Term Loan, (1-mo. CME Term <br> SOFR + 3.31%), 7.35%, 12/09/26<sup>(c)</sup><br>| USD | 6800 | &nbsp;&nbsp; 6800000 |
| &nbsp;&nbsp;&nbsp; ConnectWise LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 7.76%, <br> 09/29/28<br>|  | 1199 | &nbsp;&nbsp; 1200706 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 9.62%), 14.10%, 07/31/28<sup>(c)</sup><br>|  | 5388 | &nbsp;&nbsp; 5360538 |
| Coreweave Compute Acquisition Co. IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 9.97%, <br> 05/16/29<sup>(c)</sup><br>|  | 379 | &nbsp;&nbsp; 373409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 5th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.25%), 8.25%, 09/30/30<br>|  | 93 | &nbsp;&nbsp; 93426 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 8.75%, 04/15/27<br>|  | 573 | &nbsp;&nbsp; 554097 |
| &nbsp;&nbsp;&nbsp; CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.00%, 12/30/27<br>|  | 1323 | &nbsp;&nbsp; 1323102 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.81%, <br> 02/17/31<br>|  | 2045 | &nbsp;&nbsp; 1996207 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.16%, <br> 08/30/30<br>|  | 2948 | &nbsp;&nbsp; 2942327 |
| EIS Group, Inc.<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 7.00%), 11.16%, 07/10/28<br>|  | 373 | &nbsp;&nbsp; 360787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 11.16%, 07/10/28<br>|  | 3734 | &nbsp;&nbsp; 3607871 |
| &nbsp;&nbsp;&nbsp; Emerald Electronics Manufacturing Services, Term <br> Loan, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.40%), 10.60%, 12/29/27<sup>(c)</sup><br>|  | 1079 | &nbsp;&nbsp; 744217 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), 10.75%, <br> 11/12/26<sup>(c)</sup><br>|  | 12825 | &nbsp;&nbsp; 12760797 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.90%), 9.22%, 04/28/28<br>|  | 205 | &nbsp;&nbsp; 173222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR + 4.90%), 9.22%, 04/28/28<br>|  | 461 | &nbsp;&nbsp; 150132 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), 10.07%, <br> 10/25/28<sup>(c)</sup><br>| USD | 1773 | &nbsp;&nbsp; $1453557 |
| &nbsp;&nbsp;&nbsp; Indy U.S. Bidco LLC, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 4.91%, <br> 10/31/30<br>| EUR | 884 | &nbsp;&nbsp; 1038122 |
| &nbsp;&nbsp;&nbsp; Maverick Gaming LLC, 2024 Second Out Term Loan, <br> (Prime + 8.50%), 15.75%, 06/05/28<br>| USD | 907 | &nbsp;&nbsp; 498880 |
| &nbsp;&nbsp;&nbsp; Medical Solutions Holdings, Inc., 2021 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 7.10%), 11.41%, 11/01/29<br>|  | 1052 | &nbsp;&nbsp; 212157 |
| Montage Hotels & Resorts LLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Revolver, (Prime + 6.00%), 12.55%, 02/16/29 |  | 257 | &nbsp;&nbsp; 247529 |
| &nbsp;&nbsp;&nbsp; Term Loan, (Prime + 6.00%), 13.25%, 02/16/29 |  | 1284 | &nbsp;&nbsp; 1236064 |
| Peninsula Pacific Entertainment LLC<sup>(c)(q)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 10/01/32 |  | 429 | &nbsp;&nbsp; 427437 |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B, 10/01/32 |  | 1828 | &nbsp;&nbsp; 1823731 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 7.91%, <br> 03/19/32<br>|  | 547 | &nbsp;&nbsp; 546466 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/28<br>| EUR | 992 | &nbsp;&nbsp; 1083135 |
| Redstone Holdco 2 LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 8.01%), 12.32%, 04/27/29<br>| USD | 620 | &nbsp;&nbsp; 124620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.01%), 9.32%, 04/27/28<br>|  | 2034 | &nbsp;&nbsp; 1032316 |
| RunItOneTime LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Amendment Final New Money DIP Term Loan, <br> (3-mo. CME Term SOFR at 2.00% Floor + 1.00%, <br> 11.50% PIK), 16.50%, 07/07/26<sup>(k)</sup><br>|  | 318 | &nbsp;&nbsp; 305975 |
| &nbsp;&nbsp;&nbsp; , 04/16/26<sup>(q)</sup> |  | 23 | &nbsp;&nbsp; 20152 |
| &nbsp;&nbsp;&nbsp; , 05/06/26<sup>(q)</sup> |  | 514 | &nbsp;&nbsp; 465409 |
| &nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.00%), 10.00%, <br> 09/11/29<sup>(c)</sup><br>|  | 6126 | &nbsp;&nbsp; 6171403 |
| &nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/01/31<br>|  | 2487 | &nbsp;&nbsp; 2489876 |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.51%), 9.82%, <br> 08/18/28<br>|  | 1868 | &nbsp;&nbsp; 1803668 |
| &nbsp;&nbsp;&nbsp; West Deptford Energy Holdings LLC, 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.16%, 07/24/32<br>|  | 1014 | &nbsp;&nbsp; 1004086 |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 6.65%), 10.96%, 10/26/29<br>|  | 94 | &nbsp;&nbsp; 92002 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp., 2023 Term Loan B, (3-mo. CME <br> Term SOFR + 4.00%), 8.10%, 11/19/29<br>|  | 40 | &nbsp;&nbsp; 37050 |
|  |  |  | &nbsp;&nbsp; 67803772 |
| **Total Floating Rate Loan Interests — 7.8%** <br>**(Cost: $129,132,816)** | **Total Floating Rate Loan Interests — 7.8%** <br>**(Cost: $129,132,816)** | **Total Floating Rate Loan Interests — 7.8%** <br>**(Cost: $129,132,816)** | &nbsp;&nbsp; 127665554 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bonds, 5.45%, <br> 09/16/32<sup>(d)</sup><br>|  | 257 | &nbsp;&nbsp; 252112 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(b)</sup><br>| USD | 135 | &nbsp;&nbsp; $140602 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/14/32 | EUR | 111 | &nbsp;&nbsp; 133334 |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 | USD | 278 | &nbsp;&nbsp; 246030 |
|  |  |  | &nbsp;&nbsp; 379364 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 |  | 224 | &nbsp;&nbsp; 244160 |
| &nbsp;&nbsp;&nbsp; 7.75%, 11/07/36 |  | 243 | &nbsp;&nbsp; 254542 |
|  |  |  | &nbsp;&nbsp; 498702 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bonds, 7.30%, <br> 11/13/54<sup>(b)</sup><br>|  | 210 | &nbsp;&nbsp; 229950 |
| **Dominican Republic**<sup>(b)</sup> **— 0.1%** | **Dominican Republic**<sup>(b)</sup> **— 0.1%** | **Dominican Republic**<sup>(b)</sup> **— 0.1%** |  |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30 |  | 420 | &nbsp;&nbsp; 411180 |
| &nbsp;&nbsp;&nbsp; 7.05%, 02/03/31 |  | 272 | &nbsp;&nbsp; 293352 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/37 |  | 233 | &nbsp;&nbsp; 249135 |
|  |  |  | &nbsp;&nbsp; 953667 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bonds, 6.90%, <br> 07/31/30<sup>(b)(n)</sup><br>|  | 29 | &nbsp;&nbsp; 25414 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/16/30<sup>(d)</sup> | EUR | 214 | &nbsp;&nbsp; 239235 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(d)</sup> | USD | 219 | &nbsp;&nbsp; 215605 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 175750 |
|  |  |  | &nbsp;&nbsp; 630590 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Gabon Government International Bonds, Series 4Y, <br> 9.50%, 02/18/29<sup>(d)</sup><br>|  | 248 | &nbsp;&nbsp; 229477 |
| **Guatemala**<sup>(b)</sup> **— 0.0%** | **Guatemala**<sup>(b)</sup> **— 0.0%** | **Guatemala**<sup>(b)</sup> **— 0.0%** |  |
| Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 10/04/32 |  | 210 | &nbsp;&nbsp; 230580 |
| &nbsp;&nbsp;&nbsp; 6.60%, 06/13/36 |  | 230 | &nbsp;&nbsp; 243570 |
|  |  |  | &nbsp;&nbsp; 474150 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/26/36<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 201440 |
| &nbsp;&nbsp;&nbsp; Series 10Y, 5.38%, 09/12/33<sup>(d)</sup> | EUR | 194 | &nbsp;&nbsp; 246883 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(d)</sup> |  | 254 | &nbsp;&nbsp; 322252 |
|  |  |  | &nbsp;&nbsp; 770575 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bonds, 3.88%, <br> 01/15/33<br>|  | 110 | &nbsp;&nbsp; 131244 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(d)</sup> |  | 251 | &nbsp;&nbsp; 293029 |
| &nbsp;&nbsp;&nbsp; 8.08%, 04/01/36<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 206800 |
|  |  |  | &nbsp;&nbsp; 499829 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bonds, <br> 9.75%, 02/16/31<sup>(b)</sup><br>|  | 249 | &nbsp;&nbsp; 265758 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Latvia Government International Bonds, 5.13%, <br> 07/30/34<sup>(b)</sup><br>| USD | 201 | &nbsp;&nbsp; $206014 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Eagle Funding Luxco SARL, 5.50%, 08/17/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 304650 |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/38 |  | 200 | &nbsp;&nbsp; 210250 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/19/38 | EUR | 100 | &nbsp;&nbsp; 119534 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 | USD | 200 | &nbsp;&nbsp; 194522 |
|  |  |  | &nbsp;&nbsp; 828956 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Montenegro Government International Bonds, 2.88%, <br> 12/16/27<sup>(d)</sup><br>| EUR | 186 | &nbsp;&nbsp; 213733 |
| **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** |  |
| Morocco Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/08/28 | USD | 200 | &nbsp;&nbsp; 207375 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/02/35 | EUR | 200 | &nbsp;&nbsp; 241864 |
|  |  |  | &nbsp;&nbsp; 449239 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 222600 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(d)</sup> |  | 244 | &nbsp;&nbsp; 209328 |
|  |  |  | &nbsp;&nbsp; 431928 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(d)</sup><br>|  | 227 | &nbsp;&nbsp; 249541 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Panama Government International Bonds, 7.50%, <br> 03/01/31<br>|  | 352 | &nbsp;&nbsp; 388432 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bonds, 2.74%, <br> 01/29/33<sup>(d)</sup><br>|  | 395 | &nbsp;&nbsp; 349180 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Corp. Financiera de Desarrollo SA, 5.50%, 05/06/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 205600 |
| Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 152 | &nbsp;&nbsp; 140182 |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 |  | 142 | &nbsp;&nbsp; 117221 |
|  |  |  | &nbsp;&nbsp; 463003 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/04/33 |  | 48 | &nbsp;&nbsp; 48509 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 |  | 149 | &nbsp;&nbsp; 143870 |
|  |  |  | &nbsp;&nbsp; 192379 |
| **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; North Macedonia Government International Bonds, <br> 6.96%, 03/13/27<sup>(d)</sup><br>| EUR | 187 | &nbsp;&nbsp; 228215 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(b)</sup> | USD | 46 | &nbsp;&nbsp; 46482 |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(d)</sup> | EUR | 224 | &nbsp;&nbsp; 224197 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/11/32<sup>(b)</sup> |  | 89 | &nbsp;&nbsp; 106972 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(b)</sup> |  | 215 | &nbsp;&nbsp; 259610 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/11/39<sup>(b)</sup> |  | 82 | &nbsp;&nbsp; 98159 |
|  |  |  | &nbsp;&nbsp; 735420 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 5.00%, <br> 01/18/53<sup>(b)</sup><br>| USD | 658 | &nbsp;&nbsp; $593845 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/26/33<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 216660 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/34<sup>(b)</sup> |  | 236 | &nbsp;&nbsp; 245794 |
|  |  |  | &nbsp;&nbsp; 462454 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International <br> Bonds, 5.75%, 09/30/49<br>|  | 475 | &nbsp;&nbsp; 380456 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bonds, Series 7Y, <br> 7.13%, 02/12/32<br>|  | 226 | &nbsp;&nbsp; 233627 |
| **Ukraine**<sup>(b)(n)</sup> **— 0.0%** | **Ukraine**<sup>(b)(n)</sup> **— 0.0%** | **Ukraine**<sup>(b)(n)</sup> **— 0.0%** |  |
| Ukraine Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 |  | 75 | &nbsp;&nbsp; 51192 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 |  | 7 | &nbsp;&nbsp; 3588 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 |  | 50 | &nbsp;&nbsp; 27980 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/34 |  | 26 | &nbsp;&nbsp; 10564 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/35 |  | 22 | &nbsp;&nbsp; 10443 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/36 |  | 18 | &nbsp;&nbsp; 8684 |
|  |  |  | &nbsp;&nbsp; 112451 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |  | 216 | &nbsp;&nbsp; 202981 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(b)</sup><br>| EUR | 221 | &nbsp;&nbsp; 267064 |
| **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,744,704)** | **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,744,704)** | **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,744,704)** | &nbsp;&nbsp; 12470352 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| iShares MSCI Brazil ETF<sup>(r)</sup> | 13963 | &nbsp;&nbsp; 432853 |
| **United States — 2.7%** | **United States — 2.7%** |  |
| iShares China Large-Cap ETF<sup>(r)</sup> | 77200 | &nbsp;&nbsp; 3176008 |
| KraneShares CSI China Internet ETF | 50850 | &nbsp;&nbsp; 2136209 |
| SPDR Gold Shares<sup>(f)(h)(i)</sup> | 78338 | &nbsp;&nbsp; 27846809 |
| SPDR S&P Biotech ETF | 45000 | &nbsp;&nbsp; 4509000 |
| SPDR S&P Homebuilders ETF | 8193 | &nbsp;&nbsp; 907784 |
| SPDR S&P Regional Banking ETF | 42594 | &nbsp;&nbsp; 2696200 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 43791 | &nbsp;&nbsp; 1117108 |
| VanEck Semiconductor ETF<sup>(f)</sup> | 3593 | &nbsp;&nbsp; 1172612 |
|  |  | &nbsp;&nbsp; 43561730 |
| **Total Investment Companies — 2.7%** <br>**(Cost: $34,404,908)** | **Total Investment Companies — 2.7%** <br>**(Cost: $34,404,908)** | &nbsp;&nbsp; 43994583 |

---

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 315 | &nbsp;&nbsp; $329847 |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(f)(m)</sup><br>|  | 4584 | &nbsp;&nbsp; 2691565 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 520 | &nbsp;&nbsp; 522721 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,963,035)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,963,035)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,963,035)** | &nbsp;&nbsp; 3544133 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.00%, 09/27/60 |  | 9 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 3.95%, 12/25/60<sup>(a)</sup> |  | 946 | &nbsp;&nbsp; 525013 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(a)</sup> |  | 6 | &nbsp;&nbsp; 2819 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class XS, 0.00%, 12/25/60<sup>(a)</sup> |  | 11787 | &nbsp;&nbsp; 404726 |
| &nbsp;&nbsp;&nbsp; BFLD Trust, Series 2021-EYP, Class E, (1-mo. Term <br> SOFR + 3.81%), 7.97%, 10/15/35<sup>(a)(b)</sup><br>|  | 790 | &nbsp;&nbsp; 9876 |
| &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-VIEW, Class E, (1-mo. Term <br> SOFR + 3.71%), 7.86%, 06/15/36<sup>(a)(b)</sup><br>|  | 614 | &nbsp;&nbsp; 613625 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2015-CR25, <br> Class C, 4.49%, 08/10/48<sup>(a)</sup><br>|  | 560 | &nbsp;&nbsp; 553208 |
| CSMC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1-mo. Term SOFR + <br> 5.48%), 9.63%, 10/15/37<br>|  | 730 | &nbsp;&nbsp; 668169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class E, (1-mo. Term SOFR + <br> 3.61%), 7.77%, 11/15/38<br>|  | 1500 | &nbsp;&nbsp; 1478692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1-mo. Term SOFR + <br> 3.44%), 7.59%, 02/15/27<sup>(c)</sup><br>|  | 3400 | &nbsp;&nbsp; 3376502 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-1, <br> Class B2, 3.96%, 05/25/65<sup>(a)(b)</sup><br>|  | 1550 | &nbsp;&nbsp; 1377604 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, <br> Series 2020-3, Class BXS, 5.82%, 05/25/60<sup>(a)(b)</sup><br>|  | 7538 | &nbsp;&nbsp; 3877706 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class CFX, 3.79%, <br> 04/25/28<sup>(a)(b)</sup><br>|  | 437 | &nbsp;&nbsp; 406932 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2021-IP, <br> Class E, (1-mo. Term SOFR + 3.66%), 7.82%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 1540 | &nbsp;&nbsp; 1519129 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2020-NQM1, <br> Class B1, 4.00%, 10/25/55<sup>(a)(b)</sup><br>|  | 3602 | &nbsp;&nbsp; 3298963 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3X, 0.50%, 06/25/51 |  | 43240 | &nbsp;&nbsp; 1218258 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX1, 0.12%, 06/25/51 |  | 175468 | &nbsp;&nbsp; 1130945 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX4, 0.40%, 06/25/51 |  | 11205 | &nbsp;&nbsp; 256121 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 3.02%, 06/25/51 |  | 764 | &nbsp;&nbsp; 629829 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 3.02%, 06/25/51 |  | 917 | &nbsp;&nbsp; 697011 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B6, 2.90%, 06/25/51 |  | 1533 | &nbsp;&nbsp; 667511 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51 |  | 1142 | &nbsp;&nbsp; 909156 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51 |  | 856 | &nbsp;&nbsp; 640939 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51 |  | 2209 | &nbsp;&nbsp; 910617 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Small Balance Commercial Mortgage <br> Trust, Series 2007-2A, Class M2, (1-mo. Term <br> SOFR + 0.71%), 4.87%, 06/25/37<sup>(a)(b)</sup><br>|  | 2693 | &nbsp;&nbsp; 2328502 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| MCM Trust<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/25/31 | USD | 3896 | &nbsp;&nbsp; $2759971 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/25/31 |  | 4237 | &nbsp;&nbsp; 4073411 |
| New Residential Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class B3, 3.97%, 02/25/59 |  | 9329 | &nbsp;&nbsp; 7426159 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B1, 3.53%, 07/25/55 |  | 1370 | &nbsp;&nbsp; 1198811 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B2, 4.33%, 07/25/55 |  | 1022 | &nbsp;&nbsp; 915952 |
| Seasoned Loans Structured Transaction Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60 |  | 1887 | &nbsp;&nbsp; 1872810 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60 |  | 2257 | &nbsp;&nbsp; 2235369 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2020-<br> INV, Class B2, 4.26%, 11/25/55<sup>(b)</sup><br>|  | 1225 | &nbsp;&nbsp; 1049244 |
| TVC DSCR<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, 0.00%, 03/25/28 |  | 1323 | &nbsp;&nbsp; 1133339 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.00%, 02/01/51 |  | 2496 | &nbsp;&nbsp; 2301135 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-R2, Class B1, <br> 3.25%, 02/25/64<sup>(a)(b)</sup><br>|  | 2735 | &nbsp;&nbsp; 2206847 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, <br> Series 2007-OA6, Class 1A, (12-mo. MTA + 0.81%), <br> 4.96%, 07/25/47<sup>(a)</sup><br>|  | 967 | &nbsp;&nbsp; 817604 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2019-<br> C50, Class XA, 1.57%, 05/15/52<sup>(a)</sup><br>|  | 21831 | &nbsp;&nbsp; 816157 |
| **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $60,074,292)** | **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $60,074,292)** | **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $60,074,292)** | &nbsp;&nbsp; 56308793 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> |
| **France**<sup>(d)(o)</sup> **— 0.1%** | **France**<sup>(d)(o)</sup> **— 0.1%** | **France**<sup>(d)(o)</sup> **— 0.1%** |  |
| Air France-KLM, 5.75% | EUR | 200 | &nbsp;&nbsp; 239606 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% |  | 100 | &nbsp;&nbsp; 116525 |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 242311 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 246539 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 274330 |
| Unibail-Rodamco-Westfield SE, 4.75% | EUR | 200 | &nbsp;&nbsp; 238510 |
| Veolia Environnement SA, 4.32% |  | 100 | &nbsp;&nbsp; 117638 |
|  |  |  | &nbsp;&nbsp; 1475459 |
| **Germany**<sup>(d)</sup> **— 0.0%** | **Germany**<sup>(d)</sup> **— 0.0%** | **Germany**<sup>(d)</sup> **— 0.0%** |  |
| Bayer AG, 5.38%, 03/25/82 |  | 300 | &nbsp;&nbsp; 361917 |
| Volkswagen International Finance NV<sup>(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% |  | 100 | &nbsp;&nbsp; 121189 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 121839 |
|  |  |  | &nbsp;&nbsp; 604945 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| Bank Negara Indonesia Persero Tbk PT, 4.30%<sup>(d)(o)</sup> | USD | 200 | &nbsp;&nbsp; 194005 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |  |
| Prysmian SpA, 5.25%<sup>(d)(o)</sup> | EUR | 275 | &nbsp;&nbsp; 336792 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Lendlease Asia Treasury Pte. Ltd., 3.90%<sup>(d)(o)</sup> | SGD | 250 | &nbsp;&nbsp; 194290 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |  |
| GC Treasury Center Co. Ltd., 6.50%<sup>(d)(o)</sup> | USD | 250 | &nbsp;&nbsp; 254063 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(b)</sup> | USD | 369 | &nbsp;&nbsp; $353938 |
| Centrica PLC, 6.50%, 05/21/55<sup>(d)</sup> | GBP | 494 | &nbsp;&nbsp; 680160 |
|  |  |  | &nbsp;&nbsp; 1034098 |
| **United States**<sup>(b)(o)</sup> **— 0.1%** | **United States**<sup>(b)(o)</sup> **— 0.1%** | **United States**<sup>(b)(o)</sup> **— 0.1%** |  |
| Sunoco LP, 7.88% | USD | 723 | &nbsp;&nbsp; 734358 |
| Venture Global LNG, Inc., 9.00% |  | 953 | &nbsp;&nbsp; 944499 |
|  |  |  | &nbsp;&nbsp; 1678857 |
|  |  |  | &nbsp;&nbsp; 5772509 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 4.4%**<sup>(c)</sup> | **Preferred Stocks — 4.4%**<sup>(c)</sup> | **Preferred Stocks — 4.4%**<sup>(c)</sup> |
| **China — 0.6%** | **China — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $4,390,747)<sup>(f)(g)</sup><br>| 40071 | &nbsp;&nbsp; 10132754 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D<sup>(f)</sup> | 37890 | &nbsp;&nbsp; 2107442 |
| **Germany — 0.0%** | **Germany — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volocopter GmbH, Series D, (Acquired 03/03/21, Cost: <br> $4,145,649)<sup>(f)(g)</sup><br>| 780 | &nbsp;&nbsp; — |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., Series D, <br> (Acquired 12/19/23, Cost: $3,926,032)<sup>(f)(g)</sup><br>| 114500 | &nbsp;&nbsp; 1450595 |
| **United States — 3.6%** | **United States — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., Series B, (Acquired <br> 07/30/21, Cost: $1,800,187)<sup>(f)(g)</sup><br>| 3333 | &nbsp;&nbsp; 520415 |
| Bright Machines, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472899 | &nbsp;&nbsp; 132412 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985059 | &nbsp;&nbsp; 108356 |
| Cap Hill Brands, Series B-2<sup>(f)</sup> | 1185824 | &nbsp;&nbsp; 12 |
| Clarify Health, Series D-1<sup>(f)</sup> | 345315 | &nbsp;&nbsp; 1039398 |
| CoreWeave, Inc., Series C, 03/25/49 | 1579000 | &nbsp;&nbsp; 4326460 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., Series G, (Acquired 02/01/21, Cost: <br> $2,392,693)<sup>(f)(g)</sup><br>| 40470 | &nbsp;&nbsp; 6070500 |
| Davidson Homes, Inc.<sup>(f)</sup> | 7345 | &nbsp;&nbsp; 7971382 |
| Dream Finders Homes, Inc., Series A | 10172 | &nbsp;&nbsp; 10095710 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., Series D, (Acquired 08/14/24, Cost: <br> $71,814)<sup>(f)(g)</sup><br>| 117667 | &nbsp;&nbsp; 87074 |
| HawkEye 360, Inc., Series D-1<sup>(f)</sup> | 406081 | &nbsp;&nbsp; 6144006 |
| Insight M, Inc., Series D<sup>(f)</sup> | 1942003 | &nbsp;&nbsp; 390925 |
| Jumpcloud, Inc.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-1, (Acquired 10/30/20, Cost: $2,052,443) | 1125428 | &nbsp;&nbsp; 2656010 |
| &nbsp;&nbsp;&nbsp; Series F, (Acquired 09/03/21, Cost: $443,302) | 74023 | &nbsp;&nbsp; 174694 |
| Lessen Holdings, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 489075 | &nbsp;&nbsp; 180958 |
| &nbsp;&nbsp;&nbsp; Series CX | 25831 | &nbsp;&nbsp; 12915 |
| &nbsp;&nbsp;&nbsp; Noodle Partners, Inc., Series C, (Acquired 08/26/21, <br> Cost: $1,751,669)<sup>(f)(g)</sup><br>| 196272 | &nbsp;&nbsp; 296371 |
| &nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, (Acquired 05/21/21, <br> Cost: $945,402)<sup>(f)(g)</sup><br>| 36048 | &nbsp;&nbsp; 1479770 |
| RapidSOS, Series C-1<sup>(f)</sup> | 1707127 | &nbsp;&nbsp; 1980267 |
| &nbsp;&nbsp;&nbsp; SambaNova Systems, Inc., Series D, (Acquired <br> 04/09/21, Cost: $1,250,247)<sup>(f)(g)</sup><br>| 13158 | &nbsp;&nbsp; 398687 |
| &nbsp;&nbsp;&nbsp; SCI PH Parent, Inc., Series A, (Acquired 02/10/23, <br> Cost: $1,183,000), 12/31/79<sup>(f)(g)</sup><br>| 1183 | &nbsp;&nbsp; 1571154 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: <br> $678,934)<sup>(f)(g)</sup><br>| 45203 | &nbsp;&nbsp; $345351 |
| Ursa Major Technologies, Inc.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/13/21, Cost: $1,732,297) | 290420 | &nbsp;&nbsp; 1286561 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 10/14/22, Cost: $235,803) | 35579 | &nbsp;&nbsp; 163663 |
| Verger Capital Fund LLC<sup>(f)</sup> | 341505 | &nbsp;&nbsp; 64886 |
| Veritas Kapital Assurance PLC<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G | 8968 | &nbsp;&nbsp; 204022 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 6197 | &nbsp;&nbsp; 140982 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,906,958), 10/07/32<sup>(f)(g)</sup><br>| 1681498 | &nbsp;&nbsp; 10004913 |
|  |  | &nbsp;&nbsp; 57847854 |
|  |  | &nbsp;&nbsp; 71538645 |
| **Total Preferred Securities — 4.7%** <br>**(Cost: $84,556,220)** | **Total Preferred Securities — 4.7%** <br>**(Cost: $84,556,220)** | &nbsp;&nbsp; 77311154 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through <br> Certificates, Series KL06, Class XFX, 1.46%, <br> 12/25/29<sup>(a)</sup><br>| USD | 17996 | &nbsp;&nbsp; 856455 |
| **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.5%** | **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.5%** | **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.5%** |  |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/54 |  | 11500 | &nbsp;&nbsp; 11594737 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/14/55 |  | 9557 | &nbsp;&nbsp; 8392969 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/14/55 |  | 74731 | &nbsp;&nbsp; 68268352 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/14/55 |  | 86126 | &nbsp;&nbsp; 83529977 |
|  |  |  | &nbsp;&nbsp; 171786035 |
| **Total U.S. Government Sponsored Agency Securities — 10.6%** <br>**(Cost: $173,152,161)** | **Total U.S. Government Sponsored Agency Securities — 10.6%** <br>**(Cost: $173,152,161)** | **Total U.S. Government Sponsored Agency Securities — 10.6%** <br>**(Cost: $173,152,161)** | &nbsp;&nbsp; 172642490 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Lavoro Ltd., (Issued 12/27/22, Exercisable 12/27/23, <br> 1 Share for 1 Warrant, Expires 12/27/27, Strike <br> Price USD 11.50)<sup>(f)</sup><br>| 25681 | &nbsp;&nbsp; 971 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Deep Instinct Ltd., Series D, (Acquired 09/20/22, Cost: <br> $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, <br> Expires 09/20/32, Strike Price USD 0.01)<sup>(c)(f)(g)</sup><br>| 21889 | &nbsp;&nbsp; 219 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., (Acquired <br> 12/19/23, Cost: $0), (Issued 12/19/23, Expires <br> 11/17/30, Strike Price GBP 0.01)<sup>(c)(f)(g)</sup><br>| 137950 | &nbsp;&nbsp; 77922 |
| **United States**<sup>(f)</sup> **— 0.4%** | **United States**<sup>(f)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, (Issued 02/05/21, <br> 1 Share for 1 Warrant, Expires 02/01/26, Strike <br> Price USD 11.50)<sup>(c)</sup><br>| 74120 | &nbsp;&nbsp; 19605 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, (Issued/Exercisable <br> 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, <br> Strike Price USD 11.50)<sup>(c)</sup><br>| 44352 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., Class A, (Issued 05/16/24, <br> Expires 05/16/34, Strike Price USD 8.47)<sup>(c)</sup><br>| 50977 | &nbsp;&nbsp; 311979 |
| &nbsp;&nbsp;&nbsp; EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for <br> 1 Warrant, Expires 09/15/25, Strike Price USD <br> 11.50)<br>| 40220 | &nbsp;&nbsp; 7646 |
| Flyr AS, Series D-X, (Expires 12/31/49)<sup>(c)</sup> | 5990 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., Series D-1, (Issued 07/07/23, <br> 1 Share for 1 Warrant, Expires 07/07/33, Strike <br> Price USD<sup>(c)</sup><br>| 173677 | &nbsp;&nbsp; 1853134 |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., Series D-1, (Issued 07/07/23, <br> 1 Share for 1 Warrant, Expires 07/07/33, Strike <br> Price USD 11.17)<sup>(c)</sup><br>| 19736 | &nbsp;&nbsp; 131442 |
| &nbsp;&nbsp;&nbsp; Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, <br> 0.04 Shares for 1 Warrant, Expires 08/02/26, Strike <br> Price USD 287.50)<br>| 11689 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(c)</sup><br>| 2012253 | &nbsp;&nbsp; 141461 |
| &nbsp;&nbsp;&nbsp; Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for <br> 1 Warrant, Expires 06/04/26, Strike Price USD <br> 11.50)<sup>(c)</sup><br>| 10196 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc., Pipe, PIPE, <br> (Acquired 03/07/24, Cost: $0), (Issued/Exercisable <br> 03/11/24, 1,000 Shares for 1 Warrant, Expires <br> 03/11/31, Strike Price USD 2.50)<sup>(c)(g)</sup><br>| 550 | &nbsp;&nbsp; 1146876 |
| &nbsp;&nbsp;&nbsp; Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, <br> 1 Share for 1 Warrant, Expires 09/01/26, Strike <br> Price USD 11.50)<br>| 60706 | &nbsp;&nbsp; 3035 |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp., (Issued/Exercisable 12/21/20, <br> 1 Share for 1 Warrant, Expires 09/24/26, Strike <br> Price USD 11.50)<br>| 68671 | &nbsp;&nbsp; 13768 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., Series C-1, (Issued 12/13/23, Expires <br> 12/13/33, Strike Price USD 0.01)<sup>(c)</sup><br>| 946544 | &nbsp;&nbsp; 1088526 |
| &nbsp;&nbsp;&nbsp; Sarcos Technology & Robotics Corp., (Issued <br> 01/15/21, 1 Share for 1 Warrant, Expires 06/15/27, <br> Strike Price USD 69.00)<br>| 25291 | &nbsp;&nbsp; 5071 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(c)</sup><br>| 261005 | &nbsp;&nbsp; 143553 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(c)</sup><br>| 26165 | &nbsp;&nbsp; 33753 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $0), (Exercisable 10/14/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01)<sup>(c)(g)</sup><br>| 207248 | &nbsp;&nbsp; 990645 |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Acquired 12/03/23, Cost: $48,765), <br> (Issued 12/04/23, Expires 12/03/28, Strike Price <br> USD 11.50)<sup>(g)</sup><br>| 48765 | &nbsp;&nbsp; 488 |
|  |  | &nbsp;&nbsp; 5891059 |
| **Total Warrants — 0.4%** <br>**(Cost: $614,237)** | **Total Warrants — 0.4%** <br>**(Cost: $614,237)** | &nbsp;&nbsp; 5970171 |
| **Total Long-Term Investments — 106.1%** <br>**(Cost: $1,433,089,325)** | **Total Long-Term Investments — 106.1%** <br>**(Cost: $1,433,089,325)** | &nbsp;&nbsp; 1730829191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.1%** | **Money Market Funds — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.01%<sup>(r)(t)</sup><br>| 35321631 | &nbsp;&nbsp; $35321631 |
| **Total Short-Term Securities — 2.1%** <br>**(Cost: $35,321,631)** | **Total Short-Term Securities — 2.1%** <br>**(Cost: $35,321,631)** | &nbsp;&nbsp; 35321631 |
| **Options Purchased — 0.4%** <br>**(Cost: $5,583,344)** | **Options Purchased — 0.4%** <br>**(Cost: $5,583,344)** | &nbsp;&nbsp; 6359901 |
| **Total Investments Before Options Written — 108.6%** <br>**(Cost: $1,473,994,300)** | **Total Investments Before Options Written — 108.6%** <br>**(Cost: $1,473,994,300)** | &nbsp;&nbsp; 1772510723 |
| **Options Written — (0.3)%** <br>**(Premiums Received: $(4802271))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(4802271))** | &nbsp;&nbsp; (5702481)<br>|
| **Total Investments, Net of Options Written — 108.3%** <br>**(Cost: $1,469,192,029)** | **Total Investments, Net of Options Written — 108.3%** <br>**(Cost: $1,469,192,029)** | &nbsp;&nbsp; 1766808242 |
| **Liabilities in Excess of Other Assets — (8.3)%** | **Liabilities in Excess of Other Assets — (8.3)%** | &nbsp;&nbsp; (136090655)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1630717587 |

---

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

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

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

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

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

<sup>(e)</sup> When-issued security.

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

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $76,850,393, representing 4.7% of its net assets as of period end, and an original cost of $72,035,991. 

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

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

<sup>(j)</sup> Investment does not issue shares.

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

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

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

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

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

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

<sup>(r)</sup> Affiliate of the Trust.

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

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

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; $14674337 | $20647294 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $35321631 | 35321631 | $1056437 | $— |
| iShares Biotechnology ETF<sup>(b)</sup> | &nbsp;&nbsp; 1824498 |  | &nbsp;&nbsp; (1832356)<br>| (142209)<br>| 150067 |  |  | 1672 |  |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 7082183 | &nbsp;&nbsp; (4237767)<br>| 95665 | 235927 | 3176008 | 77200 |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; 2217537 |  | &nbsp;&nbsp; (2247079)<br>| 17277 | 12265 |  |  | 10154 |  |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(b)</sup><br>| &nbsp;&nbsp; 6335641 |  | &nbsp;&nbsp; (6773899)<br>| 610582 | (172324)<br>|  |  | 229612 |  |
| iShares MSCI Brazil ETF | &nbsp;&nbsp; 314307 |  | &nbsp;&nbsp; — |  | 118546 | 432853 | 13963 | 7194 |  |
| iShares Russell 2000 ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 11592097 | &nbsp;&nbsp; (11576769)<br>| (15328)<br>|  |  |  |  |  |
|  |  |  |  | $565987 | $344481 | $38930492 |  | $1305069 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; $1981 | &nbsp;&nbsp;&nbsp;&nbsp; $(4320)<br>|
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 44122 | &nbsp;&nbsp;&nbsp;&nbsp; 10872 |
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20831 | &nbsp;&nbsp;&nbsp;&nbsp; 69490 |
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6406 | &nbsp;&nbsp;&nbsp;&nbsp; (6636)<br>|
| &nbsp;&nbsp;&nbsp; Short Term Euro BTP | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11405 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
| &nbsp;&nbsp;&nbsp; KOSPI 200 Index | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3476 | &nbsp;&nbsp;&nbsp;&nbsp; 248689 |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14579 | &nbsp;&nbsp;&nbsp;&nbsp; 485377 |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10201 | &nbsp;&nbsp;&nbsp;&nbsp; (9571)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 | &nbsp;&nbsp;&nbsp;&nbsp; 44232 |
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp;&nbsp; (2857)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp; 38505 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20876 | &nbsp;&nbsp;&nbsp;&nbsp; 497720 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55527 | &nbsp;&nbsp;&nbsp;&nbsp; 1384913 |
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7208 | &nbsp;&nbsp;&nbsp;&nbsp; 28088 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 143452 | &nbsp;&nbsp;&nbsp;&nbsp; (6036)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6501 | &nbsp;&nbsp;&nbsp;&nbsp; 21563 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2804697 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 | &nbsp;&nbsp;&nbsp;&nbsp; (77040)<br>|
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp;&nbsp; (31917)<br>|
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp;&nbsp; (11266)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14691 | &nbsp;&nbsp;&nbsp;&nbsp; 141693 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 82350 | &nbsp;&nbsp;&nbsp;&nbsp; (449223)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 173768 | &nbsp;&nbsp;&nbsp;&nbsp; (2390052)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4424 | &nbsp;&nbsp;&nbsp;&nbsp; (111097)<br>|
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34862 | &nbsp;&nbsp;&nbsp;&nbsp; (349468)<br>|
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 128373 | &nbsp;&nbsp;&nbsp;&nbsp; (1157445)<br>|
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 85639 | &nbsp;&nbsp;&nbsp;&nbsp; (23288)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4459103)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1654406)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 100253 | EUR | 85045 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $321 |
| USD | 118178 | EUR | 99679 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| USD | 125951 | EUR | 107106 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| USD | 130117 | EUR | 110624 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| USD | 201494 | EUR | 171331 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| USD | 204264 | EUR | 173701 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| USD | 233487 | EUR | 198552 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| USD | 234006 | EUR | 198973 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| USD | 235164 | EUR | 199940 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| USD | 259911 | EUR | 221000 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| USD | 298448 | EUR | 253794 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| USD | 449920 | EUR | 382556 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| USD | 491357 | EUR | 417796 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 |
| USD | 581762 | EUR | 494718 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 |
| USD | 1907018 | EUR | 1621547 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| BRL | 24396455 | USD | 4413523 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089 |
| CHF | 12872 | USD | 16300 | Toronto-Dominion Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| DKK | 6838535 | USD | 1079615 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| EUR | 237154 | USD | 279516 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| EUR | 1481054 | USD | 1736969 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9488 |
| EUR | 16989301 | USD | 20007060 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26704 |
| GBP | 2022385 | USD | 2700077 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| HKD | 1047491 | USD | 134770 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| MXN | 28859590 | USD | 1537435 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25721 |
| TRY | 34066106 | USD | 757390 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12836 |
| TRY | 34820842 | USD | 774170 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13120 |
| USD | 1116485 | AUD | 1683284 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653 |
| USD | 4998372 | AUD | 7535977 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7323 |
| USD | 7648984 | CAD | 10553963 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38205 |
| USD | 3692137 | CNY | 26069071 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10301 |
| USD | 174622 | EUR | 147796 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| USD | 472257 | EUR | 398433 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 |
| USD | 1370859 | EUR | 1161823 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 |
| USD | 206971 | EUR | 175364 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| USD | 220580 | EUR | 186754 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| USD | 1437150 | GBP | 1060652 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10535 |
| USD | 8930610 | GBP | 6593745 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61788 |
| USD | 50723119 | GBP | 37455924 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343568 |
| USD | 258874 | GBP | 191801 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895 |
| USD | 12075489 | HKD | 93808118 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| USD | 998130 | IDR | 16463256805 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13497 |
| USD | 11459090 | JPY | 1670931064 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73395 |
| USD | 189672 | NOK | 1881150 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| USD | 449543 | SEK | 4178345 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3607 |
| USD | 785876 | SEK | 7304357 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6314 |
| USD | 16759704 | TWD | 501467100 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203642 |
| ZAR | 33715234 | USD | 1916210 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25463 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011893 |
| CAD | 1419561 | USD | 1025641 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1953)<br>|
| CAD | 9588516 | USD | 6949224 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34657)<br>|
| CNH | 27643764 | USD | 3909025 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12443)<br>|
| EUR | 310619 | USD | 367213 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (931)<br>|
| EUR | 382025 | USD | 450956 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (473)<br>|
| EUR | 500284 | USD | 595850 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5916)<br>|
| EUR | 3077934 | USD | 3632330 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2834)<br>|
| EUR | 1024752 | USD | 1220023 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11637)<br>|
| EUR | 1936731 | USD | 2288108 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4317)<br>|
| GBP | 220393 | USD | 296560 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123)<br>|
| GBP | 138325 | USD | 187574 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1522)<br>|
| GBP | 2148819 | USD | 2890288 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| GBP | 4533864 | USD | 6140772 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42563)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| GBP | 234867 | USD | 317930 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2025)<br>|
| GBP | 361178 | USD | 489200 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3403)<br>|
| INR | 74786626 | USD | 844788 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6754)<br>|
| JPY | 58131818 | USD | 397987 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1878)<br>|
| JPY | 36096143 | USD | 246261 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302)<br>|
| JPY | 42088550 | USD | 289249 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2459)<br>|
| JPY | 23580906 | USD | 161966 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1286)<br>|
| JPY | 2102011939 | USD | 14414995 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91923)<br>|
| USD | 167390 | AUD | 255215 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1638)<br>|
| USD | 198337 | AUD | 301816 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1555)<br>|
| USD | 2252402 | CHF | 1778510 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1681)<br>|
| USD | 11001212 | DKK | 69679984 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14493)<br>|
| USD | 812563 | EUR | 689264 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (216)<br>|
| USD | 75646310 | EUR | 64255429 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123615)<br>|
| USD | 178603168 | EUR | 151708962 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (291859)<br>|
| USD | 435689 | GBP | 325168 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1674)<br>|
| USD | 174835 | JPY | 25703458 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (308)<br>|
| USD | 2536442 | MXN | 47607671 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42188)<br>|
| USD | 2145575 | ZAR | 37736964 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27710)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (736386)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $275507 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 670.00 | USD | 76744 | &nbsp;&nbsp;&nbsp;&nbsp; $96192 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 672.00 | USD | 38972 | &nbsp;&nbsp;&nbsp;&nbsp; 24863 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 667.00 | USD | 15389 | &nbsp;&nbsp;&nbsp;&nbsp; 103372 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 225.00 | USD | 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 188557 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 2996 | &nbsp;&nbsp;&nbsp;&nbsp; 107317 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 4965 | &nbsp;&nbsp;&nbsp;&nbsp; 312975 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 245.00 | USD | 1604 | &nbsp;&nbsp;&nbsp;&nbsp; 73868 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., ADR | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 840.00 | USD | 1839 | &nbsp;&nbsp;&nbsp;&nbsp; 258020 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 48.00 | USD | 384 | &nbsp;&nbsp;&nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 42.00 | USD | 11745 | &nbsp;&nbsp;&nbsp;&nbsp; 144177 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 820.00 | USD | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 560.00 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 67.00 | USD | 3374 | &nbsp;&nbsp;&nbsp;&nbsp; 19721 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 360.00 | USD | 1734 | &nbsp;&nbsp;&nbsp;&nbsp; 339690 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 85.00 | USD | 1819 | &nbsp;&nbsp;&nbsp;&nbsp; 43292 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 240.00 | USD | 2947 | &nbsp;&nbsp;&nbsp;&nbsp; 191180 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 250.00 | USD | 609 | &nbsp;&nbsp;&nbsp;&nbsp; 27063 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 240.00 | USD | 2920 | &nbsp;&nbsp;&nbsp;&nbsp; 62510 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 235.00 | USD | 2444 | &nbsp;&nbsp;&nbsp;&nbsp; 229200 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 250.00 | USD | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 57090 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 105.00 | USD | 1279 | &nbsp;&nbsp;&nbsp;&nbsp; 40635 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 175.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; 23840 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 185.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; 13120 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | EUR | 240.00 | EUR | 4693 | &nbsp;&nbsp;&nbsp;&nbsp; 116812 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 700.00 | USD | 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 37425 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 330.00 | USD | 1611 | &nbsp;&nbsp;&nbsp;&nbsp; 9010 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 360.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; 16530 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 360.00 | USD | 55027 | &nbsp;&nbsp;&nbsp;&nbsp; 1280970 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 120.00 | USD | 733 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 5900.00 | USD | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 57225 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 350.00 | USD | 2672 | &nbsp;&nbsp;&nbsp;&nbsp; 172732 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 62.50 | USD | 3609 | &nbsp;&nbsp;&nbsp;&nbsp; 161226 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 185.00 | USD | 3564 | &nbsp;&nbsp;&nbsp;&nbsp; 305122 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 345.00 | USD | 25736 | &nbsp;&nbsp;&nbsp;&nbsp; $1361120 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 105.00 | USD | 1747 | &nbsp;&nbsp;&nbsp;&nbsp; 103170 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 170.00 | USD | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 90510 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6092959 |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 655.00 | USD | 23116 | &nbsp;&nbsp;&nbsp;&nbsp; 75299 |
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | EUR | 1600.00 | EUR | 1191 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 245.00 | USD | 609 | &nbsp;&nbsp;&nbsp;&nbsp; 32563 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109165 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $6202124 |

---

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

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

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 10/08/25 | &nbsp;&nbsp; USD | 1.20 | EUR | &nbsp;&nbsp; 12476 | $5010 |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp; USD | 1.18 | EUR | &nbsp;&nbsp; 16093 | 34557 |
| &nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG | &nbsp;&nbsp; 10/08/25 | &nbsp;&nbsp; JPY | 142.00 | USD | &nbsp;&nbsp; 14395 | 993 |
|  |  |  |  |  |  |  | 35550 |
|  |  |  |  |  |  |  | $40560 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/01/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.80% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 10/30/25 | 3.80<br> % <br>| USD | 7658 | $52519 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.65% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.65 | USD | 11435 | 64698 |
|  |  |  |  |  |  |  |  |  |  | $117217 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 260.00 | USD | 511 | &nbsp;&nbsp;&nbsp;&nbsp; $(3287)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 145.00 | USD | 67 | &nbsp;&nbsp;&nbsp;&nbsp; (413)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 255.00 | USD | 560 | &nbsp;&nbsp;&nbsp;&nbsp; (10780)<br>|
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 330.00 | USD | 191 | &nbsp;&nbsp;&nbsp;&nbsp; (1530)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 52.50 | USD | 629 | &nbsp;&nbsp;&nbsp;&nbsp; (11895)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 55.00 | USD | 227 | &nbsp;&nbsp;&nbsp;&nbsp; (1210)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 90.00 | USD | 101 | &nbsp;&nbsp;&nbsp;&nbsp; (1806)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 170 | &nbsp;&nbsp;&nbsp;&nbsp; (300)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 782 | &nbsp;&nbsp;&nbsp;&nbsp; (4389)<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A | &nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 80.00 | USD | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; (30457)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 60.00 | USD | 169 | &nbsp;&nbsp;&nbsp;&nbsp; (713)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 300.00 | USD | 259 | &nbsp;&nbsp;&nbsp;&nbsp; (900)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 35.00 | USD | 956 | &nbsp;&nbsp;&nbsp;&nbsp; (38047)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 730.00 | USD | 68 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 45.00 | USD | 11745 | &nbsp;&nbsp;&nbsp;&nbsp; (21412)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 315.00 | USD | 2492 | &nbsp;&nbsp;&nbsp;&nbsp; $(62212)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 325.00 | USD | 978 | &nbsp;&nbsp;&nbsp;&nbsp; (11625)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 185.00 | USD | 376 | &nbsp;&nbsp;&nbsp;&nbsp; (1265)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 780.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (6100)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 160.00 | USD | 84 | &nbsp;&nbsp;&nbsp;&nbsp; (5663)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 420.00 | USD | 1067 | &nbsp;&nbsp;&nbsp;&nbsp; (85980)<br>|
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 150.00 | USD | 390 | &nbsp;&nbsp;&nbsp;&nbsp; (1013)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 450.00 | USD | 127 | &nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 90.00 | USD | 637 | &nbsp;&nbsp;&nbsp;&nbsp; (3876)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 65.00 | USD | 253 | &nbsp;&nbsp;&nbsp;&nbsp; (2800)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 280.00 | USD | 609 | &nbsp;&nbsp;&nbsp;&nbsp; (7625)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 255.00 | USD | 2444 | &nbsp;&nbsp;&nbsp;&nbsp; (96720)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 746 | &nbsp;&nbsp;&nbsp;&nbsp; (27800)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 2323 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 380.00 | USD | 82576 | &nbsp;&nbsp;&nbsp;&nbsp; (643471)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 2630 | &nbsp;&nbsp;&nbsp;&nbsp; (334530)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 1218 | &nbsp;&nbsp;&nbsp;&nbsp; (196500)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 260.00 | USD | 1405 | &nbsp;&nbsp;&nbsp;&nbsp; (17664)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 4940 | &nbsp;&nbsp;&nbsp;&nbsp; (430195)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 250.00 | USD | 1324 | &nbsp;&nbsp;&nbsp;&nbsp; (80210)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 52.50 | USD | 299 | &nbsp;&nbsp;&nbsp;&nbsp; (12702)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 260.00 | USD | 281 | &nbsp;&nbsp;&nbsp;&nbsp; (3907)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 265.00 | USD | 281 | &nbsp;&nbsp;&nbsp;&nbsp; (3348)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 380.00 | USD | 1913 | &nbsp;&nbsp;&nbsp;&nbsp; (70905)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 370.00 | USD | 462 | &nbsp;&nbsp;&nbsp;&nbsp; (20685)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 410.00 | USD | 3134 | &nbsp;&nbsp;&nbsp;&nbsp; (65075)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 159 | &nbsp;&nbsp;&nbsp;&nbsp; (5406)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 250.00 | USD | 638 | &nbsp;&nbsp;&nbsp;&nbsp; (7650)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 508 | &nbsp;&nbsp;&nbsp;&nbsp; (33750)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 110.00 | USD | 384 | &nbsp;&nbsp;&nbsp;&nbsp; (44160)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 70.00 | USD | 34 | &nbsp;&nbsp;&nbsp;&nbsp; (618)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 72.50 | USD | 7219 | &nbsp;&nbsp;&nbsp;&nbsp; (101760)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 325.00 | USD | 505 | &nbsp;&nbsp;&nbsp;&nbsp; (17080)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 650.00 | USD | 910 | &nbsp;&nbsp;&nbsp;&nbsp; (5336)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 860.00 | USD | 734 | &nbsp;&nbsp;&nbsp;&nbsp; (11925)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 150.00 | USD | 234 | &nbsp;&nbsp;&nbsp;&nbsp; (37485)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 580.00 | USD | 5387 | &nbsp;&nbsp;&nbsp;&nbsp; (52260)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 4571 | &nbsp;&nbsp;&nbsp;&nbsp; (100450)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 3564 | &nbsp;&nbsp;&nbsp;&nbsp; (119375)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 280.00 | USD | 337 | &nbsp;&nbsp;&nbsp;&nbsp; (35280)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 330.00 | USD | 8240 | &nbsp;&nbsp;&nbsp;&nbsp; (366250)<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 200.00 | USD | 18 | &nbsp;&nbsp;&nbsp;&nbsp; (1388)<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 642 | &nbsp;&nbsp;&nbsp;&nbsp; (58592)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 460.00 | USD | 222 | &nbsp;&nbsp;&nbsp;&nbsp; (22162)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 500.00 | USD | 89 | &nbsp;&nbsp;&nbsp;&nbsp; (6220)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 115.00 | USD | 77 | &nbsp;&nbsp;&nbsp;&nbsp; (2436)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 125.00 | USD | 3493 | &nbsp;&nbsp;&nbsp;&nbsp; (55205)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 1315 | &nbsp;&nbsp;&nbsp;&nbsp; (84375)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1295 | &nbsp;&nbsp;&nbsp;&nbsp; (15694)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 170.00 | USD | 173 | &nbsp;&nbsp;&nbsp;&nbsp; (1625)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1222 | &nbsp;&nbsp;&nbsp;&nbsp; (38040)<br>|
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 191 | &nbsp;&nbsp;&nbsp;&nbsp; (4740)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 629 | &nbsp;&nbsp;&nbsp;&nbsp; (6405)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 388 | &nbsp;&nbsp;&nbsp;&nbsp; (5418)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 858 | &nbsp;&nbsp;&nbsp;&nbsp; (39910)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 243 | &nbsp;&nbsp;&nbsp;&nbsp; (14717)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 260.00 | USD | 489 | &nbsp;&nbsp;&nbsp;&nbsp; (5233)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 135.00 | USD | 288 | &nbsp;&nbsp;&nbsp;&nbsp; (7020)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 119 | &nbsp;&nbsp;&nbsp;&nbsp; (1715)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 900.00 | USD | 687 | &nbsp;&nbsp;&nbsp;&nbsp; (16267)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 169 | &nbsp;&nbsp;&nbsp;&nbsp; (3968)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 575.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (1960)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 82.00 | USD | 5277 | &nbsp;&nbsp;&nbsp;&nbsp; (11700)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 694 | &nbsp;&nbsp;&nbsp;&nbsp; $(11550)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (3358)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (8925)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 920.00 | USD | 955 | &nbsp;&nbsp;&nbsp;&nbsp; (10855)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 155.00 | USD | 284 | &nbsp;&nbsp;&nbsp;&nbsp; (43477)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 605.00 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; (13005)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 1500.00 | USD | 120 | &nbsp;&nbsp;&nbsp;&nbsp; (1395)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 230.00 | USD | 1884 | &nbsp;&nbsp;&nbsp;&nbsp; (40147)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 310.00 | USD | 308 | &nbsp;&nbsp;&nbsp;&nbsp; (3621)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 445 | &nbsp;&nbsp;&nbsp;&nbsp; (44625)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 170.00 | USD | 153 | &nbsp;&nbsp;&nbsp;&nbsp; (11340)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 140.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (1520)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3857036)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 645.00 | USD | 34708 | &nbsp;&nbsp;&nbsp;&nbsp; (58352)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 200.00 | USD | 388 | &nbsp;&nbsp;&nbsp;&nbsp; (2169)<br>|
| &nbsp;&nbsp;&nbsp; Circle Internet Group, Inc., Class A | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 1684 | &nbsp;&nbsp;&nbsp;&nbsp; (18986)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 850.00 | USD | 463 | &nbsp;&nbsp;&nbsp;&nbsp; (408)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 40.00 | USD | 384 | &nbsp;&nbsp;&nbsp;&nbsp; (20041)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 230.00 | USD | 182 | &nbsp;&nbsp;&nbsp;&nbsp; (420)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 410.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (660)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 135.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (2083)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 590.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (2500)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 700.00 | USD | 2864 | &nbsp;&nbsp;&nbsp;&nbsp; (23302)<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | EUR | 1400.00 | EUR | 1191 | &nbsp;&nbsp;&nbsp;&nbsp; (3737)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 59.00 | USD | 3374 | &nbsp;&nbsp;&nbsp;&nbsp; (16523)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 105.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (475)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 210.00 | USD | 609 | &nbsp;&nbsp;&nbsp;&nbsp; (6463)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 2920 | &nbsp;&nbsp;&nbsp;&nbsp; (51205)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 230.00 | USD | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; (9702)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 90.00 | USD | 1279 | &nbsp;&nbsp;&nbsp;&nbsp; (15246)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 145.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; (5920)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 155.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; (12160)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | EUR | 205.00 | EUR | 2346 | &nbsp;&nbsp;&nbsp;&nbsp; (18584)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 25.00 | USD | 2392 | &nbsp;&nbsp;&nbsp;&nbsp; (20320)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 630.00 | USD | 1024 | &nbsp;&nbsp;&nbsp;&nbsp; (17550)<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 285.00 | USD | 1611 | &nbsp;&nbsp;&nbsp;&nbsp; (13303)<br>|
| &nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 260.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; (11237)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 335.00 | USD | 55027 | &nbsp;&nbsp;&nbsp;&nbsp; (342882)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 100.00 | USD | 733 | &nbsp;&nbsp;&nbsp;&nbsp; (6496)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 200.00 | USD | 2362 | &nbsp;&nbsp;&nbsp;&nbsp; (24056)<br>|
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 4900.00 | USD | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; (56125)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 300.00 | USD | 3134 | &nbsp;&nbsp;&nbsp;&nbsp; (139650)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 42.00 | USD | 2656 | &nbsp;&nbsp;&nbsp;&nbsp; (18300)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 45.00 | USD | 2656 | &nbsp;&nbsp;&nbsp;&nbsp; (36600)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 160.00 | USD | 3564 | &nbsp;&nbsp;&nbsp;&nbsp; (84995)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 310.00 | USD | 17134 | &nbsp;&nbsp;&nbsp;&nbsp; (33740)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 135.00 | USD | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; (10038)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 180.00 | USD | 1295 | &nbsp;&nbsp;&nbsp;&nbsp; (15635)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 173 | &nbsp;&nbsp;&nbsp;&nbsp; (3575)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 180.00 | USD | 388 | &nbsp;&nbsp;&nbsp;&nbsp; (5625)<br>|
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 400 | &nbsp;&nbsp;&nbsp;&nbsp; (8917)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 463 | &nbsp;&nbsp;&nbsp;&nbsp; (6025)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 288 | &nbsp;&nbsp;&nbsp;&nbsp; (2520)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 40.00 | USD | 169 | &nbsp;&nbsp;&nbsp;&nbsp; (1271)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 560.00 | USD | 137 | &nbsp;&nbsp;&nbsp;&nbsp; (1350)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (3780)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 130.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 580.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (1100)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 600.00 | USD | 955 | &nbsp;&nbsp;&nbsp;&nbsp; (12870)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 420.00 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; (9333)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 970.00 | USD | 120 | &nbsp;&nbsp;&nbsp;&nbsp; $(1390)<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 370 | &nbsp;&nbsp;&nbsp;&nbsp; (2254)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 140.00 | USD | 1884 | &nbsp;&nbsp;&nbsp;&nbsp; (24694)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 308 | &nbsp;&nbsp;&nbsp;&nbsp; (5298)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (2071)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1194911)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5051947)<br>|

---

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

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

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG | 10/08/25 | JPY | 151.00 | USD | 14395 | &nbsp;&nbsp;&nbsp;&nbsp; $(7989)<br>|
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | JPMorgan Chase Bank N.A. | 10/01/25 | USD | 1.17 | EUR | 16093 | &nbsp;&nbsp;&nbsp;&nbsp; (265)<br>|
| &nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | 10/08/25 | USD | 1.14 | EUR | 12476 | &nbsp;&nbsp;&nbsp;&nbsp; (498)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 12/12/25 | IDR | 16000.00 | USD | 4659 | &nbsp;&nbsp;&nbsp;&nbsp; (6285)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 12/12/25 | BRL | 5.25 | USD | 4659 | &nbsp;&nbsp;&nbsp;&nbsp; (32217)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | HSBC Bank PLC | 12/12/25 | ZAR | 16.80 | USD | 4605 | &nbsp;&nbsp;&nbsp;&nbsp; (23269)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 12/15/25 | MXN | 18.00 | USD | 4659 | &nbsp;&nbsp;&nbsp;&nbsp; (26570)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (89104)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(97093)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, 11/01/55 | 3.50% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 10/30/25 | 3.50<br> % <br>| USD | 7658 | $(5215)<br>|
| 5-Year Interest Rate Swap, 11/16/30 | 3.10% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/14/25 | 3.10 | USD | 18980 | (25945)<br>|
| 5-Year Interest Rate Swap, 11/20/30 | 3.10% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 11/18/25 | 3.10 | USD | 23660 | (36096)<br>|
| 5-Year Interest Rate Swap, 11/22/30 | 3.05% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 11/20/25 | 3.05 | USD | 23381 | (29546)<br>|
| 5-Year Interest Rate Swap, 11/23/30 | 3.07% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/21/25 | 3.07 | USD | 23668 | (33827)<br>|
| 30-Year Interest Rate Swap, 11/28/55 | 3.15% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.15 | USD | 11435 | (4534)<br>|
| 2-Year Interest Rate Swap, 12/24/27 | 2.85% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/22/25 | 2.85 | USD | 107738 | (72032)<br>|
| 10-Year Interest Rate Swap, 01/01/36 | 3.30% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 12/30/25 | 3.30 | USD | 9069 | (34063)<br>|
|  |  |  |  |  |  |  |  |  |  | (241258)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, 12/14/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.55% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 12/12/25 | 3.55 | USD | 25403 | (78714)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 01/01/36 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 12/30/25 | 4.00<br> % <br>| USD | 9069 | $(32367)<br>|
| 2-Year Interest Rate Swap, 09/22/29 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/20/27 | 4.30 | USD | 72339 | (201102)<br>|
|  |  |  |  |  |  |  |  |  |  | (312183)<br>|
|  |  |  |  |  |  |  |  |  |  | $(553441)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | 4216 | &nbsp;&nbsp;&nbsp;&nbsp; $(342478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(278028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(64450)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.41.V2 | 5.00<br> % <br>| Quarterly | 12/20/28<br> B | USD | 3368 | &nbsp;&nbsp;&nbsp; $268237 | &nbsp;&nbsp;&nbsp; $68753 | &nbsp;&nbsp;&nbsp; $199484 |
| iTraxx.XO.42.V3 | 5.00 | Quarterly | 12/20/29<br> B | EUR | 23079 | &nbsp;&nbsp;&nbsp; 2779002 | &nbsp;&nbsp;&nbsp; 1789286 | &nbsp;&nbsp;&nbsp; 989716 |
| iTraxx.XO.43.V2 | 5.00 | Quarterly | 06/20/30<br> B | EUR | 951 | &nbsp;&nbsp;&nbsp; 121674 | &nbsp;&nbsp;&nbsp; 88582 | &nbsp;&nbsp;&nbsp; 33092 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $3168913 | &nbsp;&nbsp;&nbsp; $1946621 | &nbsp;&nbsp;&nbsp; $1222292 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day SOFR, 4.24% | Annual | 5.00% | Annual | N/A | 10/02/25 | USD | 169290 | $848259 | $40 | $848219 |
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 2893937 | 52553 | 21 | 52532 |
| 1-day SOFR, 4.24% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 43825 | 117406 | 52 | 117354 |
| 1-day SOFR, 4.24% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 16044 | 51364 | 19 | 51345 |
| 1-day SOFR, 4.24% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 25216 | (14462)<br>| 32 | (14494)<br>|
| 1-day SOFR, 4.24% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 30249 | 61881 | 39 | 61842 |
| 1-day SOFR, 4.24% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 25254 | 110336 | 35 | 110301 |
| 1-day SOFR, 4.24% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 11267 | 54004 | 21 | 53983 |
| 4.69% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 10/02/26 | USD | 115533 | (1388161)<br>| (8628)<br>| (1379533)<br>|
| 1-day SOFR, 4.24% | At Termination | 4.17% | At Termination | 10/23/25 <br><sup>(a)</sup><br>| 10/23/26 | USD | 19696 | 113225 | 36 | 113189 |
| 1-day SOFR, 4.24% | At Termination | 4.21% | At Termination | 10/27/25 <br><sup>(a)</sup><br>| 10/27/26 | USD | 39419 | 247118 | 72 | 247046 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 39747 | (15826)<br>| 98 | (15924)<br>|
| 1-day SOFR, 4.24% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 36165 | 149392 | 107 | 149285 |
| 1-day SOFR, 4.24% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 9910 | (56773)<br>| 32 | (56805)<br>|
| 1-day MIBOR, 5.74% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/27 | INR | 203365 | 30085 | 16 | 30069 |
| 1-day SOFR, 4.24% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 30153 | 281209 | 112 | 281097 |
| 1-day SOFR, 4.24% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 30153 | 310519 | 119 | 310400 |
| 1-day SOFR, 4.24% | Annual | 3.30% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 7036 | (8629)<br>| 32 | (8661)<br>|
| 1-day SOFR, 4.24% | Annual | 4.20% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 10250 | 165050 | 47 | 165003 |
| 1-day SOFR, 4.24% | Annual | 3.92% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4880 | 53812 | 22 | 53790 |
| 1-day SOFR, 4.24% | Annual | 3.95% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4880 | 56623 | 22 | 56601 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 4.24% | Annual | 3.99% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 9761 | $119803 | $44 | $119759 |
| 1-day SOFR, 4.24% | Annual | 4.07% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 19787 | 275227 | 90 | 275137 |
| 1-day SOFR, 4.24% | Annual | 3.86% | Annual | 11/10/25 <br><sup>(a)</sup><br>| 11/10/27 | USD | 20267 | 204185 | 92 | 204093 |
| 1-day SOFR, 4.24% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 27289 | 111189 | 118 | 111071 |
| 3.45% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 01/26/28 | USD | 24493 | (84384)<br>| 106 | (84490)<br>|
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 24493 | 341100 | 106 | 340994 |
| 3.27% | Annual | 1-day SOFR, 4.24% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | (5866)<br>| 107 | (5973)<br>|
| 1-day SOFR, 4.24% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | 289318 | 107 | 289211 |
| 1-day SONIA, 3.97% | At Termination | 3.18% | At Termination | 02/10/27 <br><sup>(a)</sup><br>| 02/10/28 | GBP | 85657 | (548937)<br>| 524 | (549461)<br>|
| 1-day SONIA, 3.97% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6480 | 259888 | (11)<br>| 259899 |
| 1-day SOFR, 4.24% | Annual | 3.50% | Annual | N/A | 08/20/28 | USD | 22532 | 71856 | 96 | 71760 |
| 1-day SOFR, 4.24% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 81301 | 2423137 | 12095 | 2411042 |
| 1-day SOFR, 4.24% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 13191 | 398099 | 80 | 398019 |
| 1-day SONIA, 3.97% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 6091 | 60802 | 188 | 60614 |
| 1-day SONIA, 3.97% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 6085 | 61640 | 191 | 61449 |
| 1-day SOFR, 4.24% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21232 | 18575 | 97 | 18478 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 15660 | 720289 | 117 | 720172 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.26% | Semi-Annual | N/A | 03/20/29 | INR | 62930 | 14679 | 8 | 14671 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.30% | Semi-Annual | N/A | 03/20/29 | INR | 76915 | 18963 | 10 | 18953 |
| 1-day SOFR, 4.24% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 35313 | 403550 | 229 | 403321 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 21208 | 416791 | 143 | 416648 |
| 1-day SOFR, 4.24% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 16044 | 345990 | 108 | 345882 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 25216 | 501566 | 171 | 501395 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 12604 | 252875 | 86 | 252789 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 17653 | 500961 | 135 | 500826 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 25231 | 514661 | 174 | 514487 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 12874 | 346204 | 104 | 346100 |
| 1-day SOFR, 4.24% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 12616 | 38895 | 97 | 38798 |
| 1-day TIIEFONDEO, 7.85% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | 291100 | 31 | 291069 |
| 1-day SONIA, 3.97% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 13498 | 87740 | 411 | 87329 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 13498 | 303343 | 111 | 303232 |
| 1-day SOFR, 4.24% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 14200 | (187549)<br>| 119 | (187668)<br>|
| 1-day SOFR, 4.24% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12058 | 223671 | 101 | 223570 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 2989 | (23423)<br>| 32 | (23455)<br>|
| 0.02% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual | N/A | 08/26/31 | EUR | 9317 | 1475219 | 123 | 1475096 |
| 1-day ESTR, 2,197.53% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 7414 | (70087)<br>| 104 | (70191)<br>|
| 1-day SOFR, 4.24% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 13769 | (289372)<br>| 127 | (289499)<br>|
| 1-day SOFR, 4.24% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 121626 | 6418140 | 8767 | 6409373 |
| 4.40% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 11/01/33 | USD | 11317 | (662428)<br>| 158 | (662586)<br>|
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 9940 | 276813 | 135 | 276678 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 2863 | 79800 | 39 | 79761 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/34 | INR | 25865 | 8324 | 5 | 8319 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.35% | Semi-Annual | N/A | 03/20/34 | INR | 25865 | 8514 | 5 | 8509 |
| 1-day SOFR, 4.24% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 8496 | (38882)<br>| 129 | (39011)<br>|
| 1-day SOFR, 4.24% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 13998 | (30002)<br>| 216 | (30218)<br>|
| 1-day SOFR, 4.24% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 10993 | 6224 | 170 | 6054 |
| 1-day SOFR, 4.24% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 10876 | 66919 | 173 | 66746 |
| 1-day SOFR, 4.24% | Annual | 3.75% | Annual | N/A | 07/09/35 | USD | 5392 | 38038 | 86 | 37952 |
| 3.46% | Annual | 1-day SOFR, 4.24% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4853 | 113654 | 80 | 113574 |
| 4.25% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 09/29/43 | USD | 1467 | (56645)<br>| 935 | (57580)<br>|
| 3.65% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 11/03/53 | USD | 5251 | 310820 | 163 | 310657 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 5251 | 19216 | 163 | 19053 |
| 3.65% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 11/02/54 | USD | 31110 | 1825647 | 9739 | 1815908 |
| 1-day SONIA, 3.97% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 4800 | (583509)<br>| 22607 | (606116)<br>|
|  |  |  |  |  |  |  |  | $18901326 | $52487 | $18848839 |

---

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 2.69% | At Termination | 08/15/32 | EUR | 1425 | &nbsp;&nbsp; $58894 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $58864 |

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| UBS Group AG | 1.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3700 | $(85034)<br>| $74627 | $(159661)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 2160 | (49641)<br>| 42060 | (91701)<br>|
| Boeing, Co. | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 800 | (13571)<br>| (2614)<br>| (10957)<br>|
| Boeing, Co. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 800 | (14279)<br>| 7363 | (21642)<br>|
| TIM S.p.A. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | EUR | 190 | (164)<br>| 8048 | (8212)<br>|
|  |  |  |  |  |  |  | $(162689)<br>| $129484 | $(292173)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Vistra Operations Company LLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | USD | 642 | $7381 | $2711 | $4670 |
| ZF Europe Finance B.V. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/28 | BB- | EUR | 145 | 10394 | 11238 | (844)<br>|
| Eutelsat S.A. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | NR | EUR | 102 | 13623 | (8816)<br>| 22439 |
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 103 | 12968 | 6384 | 6584 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 290 | 21954 | 18461 | 3493 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 290 | 21953 | 18900 | 3053 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 662 | 108629 | 82778 | 25851 |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/30 | NR | EUR | 89 | 11999 | 2749 | 9250 |
| Eutelsat S.A. | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | NR | EUR | 143 | 19368 | 19257 | 111 |
| Vistra Operations Company LLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB+ | USD | 80 | 15153 | 15262 | (109)<br>|
|  |  |  |  |  |  |  |  | $243422 | $168924 | $74498 |

---

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

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

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

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.65%<br>| Quarterly | 2.60% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/15/26 | CNY | 157107 | $224498 | $— | $224498 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.06% | At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14158 | (289438)<br>|  | (289438)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.07% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 12635 | (261278)<br>|  | (261278)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.16% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 17910 | (360029)<br>|  | (360029)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.16% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 96 | (1928)<br>|  | (1928)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.16% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 17183 | (345127)<br>|  | (345127)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.35% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 29050 | $(531242)<br>| $— | $(531242)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.99% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14191 | (297375)<br>|  | (297375)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14578 | (300093)<br>|  | (300093)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.03% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14173 | (293139)<br>|  | (293139)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6259 | (13147)<br>|  | (13147)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 11207 | (19737)<br>|  | (19737)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7285 | (12829)<br>|  | (12829)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 29259 | (30740)<br>|  | (30740)<br>|
|  |  |  |  |  |  |  |  |  | $(2531604)<br>| $— | $(2531604)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.69%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 12/19/25 | USD | 7445 | $24433 | $— | $24433 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.50%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 5826 | 19397 |  | 19397 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.25%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | BNP Paribas SA | N/A | 12/19/25 | USD | 4339 | (7972)<br>|  | (7972)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.20%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 2836 | (5246)<br>|  | (5246)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.15%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 5272 | 7285 |  | 7285 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.25%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 12/19/25 | USD | 2443 | (3971)<br>|  | (3971)<br>|
|  |  |  |  |  |  |  |  |  | $33926 | $— | $33926 |

---

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| AMC Networks, Inc., Class A | Barclays Bank PLC | $214446 | 08/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $9797 |
| AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438965 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18313 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. | $67671 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1401 |
| Flagstar Financial, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1164893 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (120288)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (90777)<br>|
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| Accelerant Holdings, Class A | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206483) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15043 |
| Atlantic Union Bankshares Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55025) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 325 |
| Bullish | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1008230) | 08/23/26 | (1.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 79970 |
| Community Financial System, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85286) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2251 |
| CVB Financial Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75568) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4826 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2404453) | 02/09/26 | (0.59)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1940 |
| Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104077) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3243 |
| Servisfirst Bancshares, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109817) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7544 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond <br> ETF<br>| Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4883185) | 02/24/28 | (0.48)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9946 |
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1614670) | 02/09/26 | (1.34)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 125855 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 35078 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (18397)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $16681 |

---

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

<sup>(a)</sup> The Trust receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Trust pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72867255 | &nbsp;&nbsp;&nbsp;&nbsp; $6314984 | &nbsp;&nbsp;&nbsp;&nbsp; $79182239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 18868054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18868054 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; $2141087 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2141087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13777 | &nbsp;&nbsp;&nbsp;&nbsp; 13777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 662552 | &nbsp;&nbsp;&nbsp;&nbsp; 13627287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14289839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6478662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6478662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24566507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24566507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3140774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3140774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &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; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23879856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23879856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 495694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 495694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16658063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16658063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6427819 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6427819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 21545827 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21545827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 3639800 | &nbsp;&nbsp;&nbsp;&nbsp; 34425453 | &nbsp;&nbsp;&nbsp;&nbsp; 404030 | &nbsp;&nbsp;&nbsp;&nbsp; 38469283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 710874348 | &nbsp;&nbsp;&nbsp;&nbsp; 24958391 | &nbsp;&nbsp;&nbsp;&nbsp; 23615327 | &nbsp;&nbsp;&nbsp;&nbsp; 759448066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 931858 | &nbsp;&nbsp;&nbsp;&nbsp; 6490627 | &nbsp;&nbsp;&nbsp;&nbsp; 7422485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12817568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12817568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 594277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 594277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 650592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 650592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 628312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 628312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 417750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 417750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6136091 | &nbsp;&nbsp;&nbsp;&nbsp; 6569926 | &nbsp;&nbsp;&nbsp;&nbsp; 12706017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 358220 | &nbsp;&nbsp;&nbsp;&nbsp; 5141717 | &nbsp;&nbsp;&nbsp;&nbsp; 4345996 | &nbsp;&nbsp;&nbsp;&nbsp; 9845933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 636087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 636087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2385731 | &nbsp;&nbsp;&nbsp;&nbsp; 2444928 | &nbsp;&nbsp;&nbsp;&nbsp; 4830659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 911385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 911385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8259762 | &nbsp;&nbsp;&nbsp;&nbsp; 852781 | &nbsp;&nbsp;&nbsp;&nbsp; 9112543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1541608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1541608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 491685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 491685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5436814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5436814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 586067 | &nbsp;&nbsp;&nbsp;&nbsp; 3363539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3949606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1235301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1235301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 558909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 558909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1382155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1382155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2419899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2419899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13359994 | &nbsp;&nbsp;&nbsp;&nbsp; 1693116 | &nbsp;&nbsp;&nbsp;&nbsp; 15053110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 474284 | &nbsp;&nbsp;&nbsp;&nbsp; 62430120 | &nbsp;&nbsp;&nbsp;&nbsp; 42401511 | &nbsp;&nbsp;&nbsp;&nbsp; 105305915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167494 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9833391 | &nbsp;&nbsp;&nbsp;&nbsp; $9833391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66698592 | &nbsp;&nbsp;&nbsp;&nbsp; 60966962 | &nbsp;&nbsp;&nbsp;&nbsp; 127665554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12470352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12470352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 43994583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43994583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3544133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3544133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42664435 | &nbsp;&nbsp;&nbsp;&nbsp; 13644358 | &nbsp;&nbsp;&nbsp;&nbsp; 56308793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5772509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5772509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71538645 | &nbsp;&nbsp;&nbsp;&nbsp; 71538645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172642490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172642490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77922 | &nbsp;&nbsp;&nbsp;&nbsp; 77922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 24525 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp;&nbsp;&nbsp; 5860975 | &nbsp;&nbsp;&nbsp;&nbsp; 5891059 |
| &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; 35321631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35321631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 6202124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6202124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117217 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10365)<br>|
|  | &nbsp;&nbsp; $844694073 | &nbsp;&nbsp;&nbsp;&nbsp; $670752205 | &nbsp;&nbsp;&nbsp;&nbsp; $257063076 | &nbsp;&nbsp;&nbsp;&nbsp; $1772509354 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1297743 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1297743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 287194 | &nbsp;&nbsp;&nbsp;&nbsp; 691858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 979052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 2203239 | &nbsp;&nbsp;&nbsp;&nbsp; 23155002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25358241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58864 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (357576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (357576)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (6672814)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (160194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6833008)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (833479)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (833479)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (3005029)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7391208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10396237)<br>|
|  | &nbsp;&nbsp; $(7187410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17472903 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10285493 |

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Non-Agency* <br>*Mortgage-Backed* <br>*Securities*<br>| *Preferred* <br>*Stocks*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $6740774 | $23231324 | $64054942 | $11953466 | $66548642 | $12039211 | $77045014 |
| Transfers into Level 3 | &nbsp;&nbsp; 2020 |  | 4324500 |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  |  |  | (3726702)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp; 11862 |  | 406631 | 8893 | 118615 | 160411 |  |
| Net realized gain (loss) | &nbsp;&nbsp; — | (18)<br>| (1667368)<br>| 10992 | 36947 | 32439 | (6130527)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; (439672)<br>| (6762478)<br>| (2483208)<br>| 55965 | 1576552 | 550 | 9575434 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed*<br> *Securities*<br>| *Common*<br> *Stocks*<br>| *Corporate*<br> *Bonds*<br>| *Fixed*<br> *Rate Loan*<br> *Interests*<br>| *Floating*<br> *Rate Loan*<br> *Interests*<br>| *Non-Agency*<br> *Mortgage-Backed*<br> *Securities*<br>| *Preferred*<br> *Stocks*<br>|
| Purchases | &nbsp;&nbsp; $— | $7568272 | $21565331 | $23148 | $4980400 | $2090696 | $6625797 |
| Sales | &nbsp;&nbsp; — |  | (21401943)<br>| (2219073)<br>| (8567492)<br>| (678949)<br>| (15577073)<br>|
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $6314984 | $24037100 | $64798885 | $9833391 | $60966962 | $13644358 | $71538645 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> September 30, 2025<sup>(a)</sup><br>| &nbsp;&nbsp; $(439672)<br>| $(6762478)<br>| $(2029922)<br>| $68591 | $1617122 | $32989 | $2709157 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | *Unfunded* <br>*Floating Rate* <br>*Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets/Liabilities** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $(6120)<br>| $3925251 | $265532504 |
| Transfers into Level 3 | &nbsp;&nbsp; — | 959200 | 5285720 |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  | (3726702)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — |  | 706412 |
| Net realized gain (loss) | &nbsp;&nbsp; — |  | (7717535)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; (4245)<br>| 1054665 | 2573563 |
| Purchases | &nbsp;&nbsp; — |  | 42853644 |
| Sales | &nbsp;&nbsp; — |  | (48444530)<br>|
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $(10365)<br>| $5939116 | $257063076 |
| Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(a)</sup> | &nbsp;&nbsp; $(6365)<br>| $1084065 | $(3726513)<br>|

---

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

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $22,397,441.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $24023319 | Market | Revenue Multiple | 1.05x - 10.00x | 4.22x |
|  |  |  | Volatility | 56% - 80% | 77% |
|  |  |  | Time to Exit | 0.3 - 5.4 years | 4.0 years |
|  |  |  | EBITDA | 16.00x - 27.54x | 25.46x |
|  |  |  | Gross Profit Multiple | 8.25x |  |
|  |  |  | Discount for lack of marketability | 9% |  |
|  |  | Income | Discount Rate | 10% |  |
| Asset Backed Securities | &nbsp;&nbsp; 4630864 | Income | Discount Rate | 7% |  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 3376502 | Income | Discount Rate | 8% |  |
| Corporate Bonds | &nbsp;&nbsp; 60124314 | Income | Discount Rate | 7% - 34% | 14% |
|  |  | Market | Revenue Mulltiple | 1.00x - 3.50x | 3.06x |
|  |  |  | Volatility | 60% -60% | 60% |
|  |  |  | Time to Exit | 0.7 years |  |
|  |  |  | EBITDA Multiple | 12.75x |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 56518021 | Income | Discount Rate | 6% - 15% | 10% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 8969671 | Income | Discount Rate | 7% - 8% | 7% |
| Preferred Stocks | &nbsp;&nbsp; 71193629 | Market | Revenue Multiple | 1.30x - 18.91x | 8.52x |
|  |  |  | Volatility | 42% - 90% | 73% |
|  |  |  | Time to Exit | 1.0 - 4.0 years | 3.0 years |
|  |  |  | EBITDA Multiple | 7.96x -12.75x | 9.15x |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
|  |  |  | Market Adjustment Multiple | 0.20x - 1.10x | 1.06x |
|  |  | Income | Discount Rate | 10% - 15% | 12% |
| Warrants | &nbsp;&nbsp; 5829315 | Market | Revenue Multiple | 3.50x -11.50x | 9.60x |
|  |  |  | Volatility | 30% - 80% | 66% |
|  |  |  | Time to Exit | 0.3 - 5.5 years | 3.6 years |
|  |  |  | Discount for lack of marketability | 9% |  |
|  | &nbsp;&nbsp; $234665635 |  |  |  |  |

---

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

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

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| ARB | Airport Revenue Bonds  |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| CR | Custodian Receipt |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| DIP | Debtor-In-Possession |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FREMF | Freddie Mac Multifamily Securities |
| KOSPI | Korea Composite Stock Price Index |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| MTA | Month Treasury Average |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PIPE | Private Investment in Public Equity |
| RB | Revenue Bonds |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt  |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23564

- **c. CIK number of Registrant:** 0001809541

- **d. LEI of Registrant:** 5493007LDARS47M53X11

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

- **c. LEI of Series:** 5493007LDARS47M53X11

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1859969284.24

**Total Liabilities:** $229977374.10

**Net Assets:** $1629991910.14

**Amount of Assets Invested in Other Investment Companies:** $35768318.52

**Delayed Delivery Securities:** $21785317.92

**Cash Not Reported:** $23732046.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 13145.92000000 | **1-Year:** 779.27000000 | **5-Year:** 6111.36000000 | **10-Year:** 101562.82000000 | **30-Year:** 3959.27000000

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

- **3-Month:** 32806.04000000 | **1-Year:** 81598.16000000 | **5-Year:** 288765.67000000 | **10-Year:** 38215.37000000 | **30-Year:** -19235.18000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.62%                | 1.41%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11661749.38             | $-8925411.42                               |
| Month 2  | $6986630.79              | $13103433.02                               |
| Month 3  | $11764417.88             | $31262467.17                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUNOCO LP                                               | Sunoco LP                                                           | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     723000 | PA      | $734358.33    | 0.05%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG                                        | Tele Columbus AG                                                    | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |     303629 | PA      | $240214.80    | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOEING CO/THE                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3906.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED DKK / SOLD USD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | DK        |          1 | NC      | $1488.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                 | Studio City Finance Ltd                                             | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $192800.00    | 0.01%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd                                          | Wynn Macau Ltd                                                      | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | EC               | CORP              | KY        |     534519 | NS      | $495693.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | INTUITIVE SURGICAL INC                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-660.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK SA                                             | Eurobank SA                                                         | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |     325000 | PA      | $383483.46    | 0.02%             | 2036-02-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIGEAC AERO SA                                          | FIGEAC AERO SA                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    3520000 | PA      | $4122326.69   | 0.25%             | 2030-07-23      | Fixed         | 7.79%                 | Yes           |                  3 | On Loan: No      |
| DP WORLD SALAAM                                         | DP World Salaam                                                     | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |     352000 | PA      | $352063.36    | 0.02%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                | CUSIP: 000000000<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     211000 | PA      | $248244.69    | 0.02%             | 2031-06-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ISHARES CHINA LARGE-CAP ETF                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       2855 | NC      | $144177.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Speed Midco 3 Sarl                                      | Speed Midco 3 Sa rl 2024 EUR Term Loan B2                           | CUSIP: 000000000<br>LEI: 2549003UA52U0RYFOG67 | Long             | LON              | CORP              | LU        |    2565959 | PA      | $3012565.86   | 0.18%             | 2029-05-16      | Floating      | 6.87%                 | No            |                  3 | On Loan: No      |
| EQT Corp                                                | EQT Corp                                                            | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      71847 | NS      | $3910632.21   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SONDER 1L PIK NOTES 7 12/10/27                          | SONDER 1L PIK NOTES 7 12/10/27                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   10745755 | PA      | $8059316.16   | 0.49%             | 2027-12-10      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                               | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     200000 | PA      | $241863.83    | 0.01%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -95 | NC      | $-65075.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc              | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    4805000 | PA      | $4612800.00   | 0.28%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  3 | On Loan: No      |
| PACHELBEL BIDCO SPA                                     | Pachelbel Bidco SpA                                                 | CUSIP: 000000000<br>LEI: 8156005DA07CDD50CC46 | Long             | DBT              | CORP              | IT        |     137000 | PA      | $173297.52    | 0.01%             | 2031-05-17      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | SWAP/CDSWAP/SCDS: (ZFFNGR)                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | DE        |     145000 | OU      | $10394.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                       | Cisco Systems Inc                                                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     115907 | NS      | $7930356.94   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Structured Asset Securities Corporation                 | Structured Asset Securities Corp Mortgage Loan Trust 2005-WF2       | CUSIP: 86359DDJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     182214 | PA      | $179322.65    | 0.01%             | 2035-05-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                          | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     229000 | PA      | $283207.95    | 0.02%             | 2030-05-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                          | Salesforce Inc                                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      28678 | NS      | $6796686.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                              | Intuit Inc                                                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       8293 | NS      | $5663372.63   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTBAY 4A2 NOTES                                       | WESTBAY 4A2 NOTES                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9314000 | PA      | $9442533.20   | 0.58%             | 2030-02-06      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | MICROSOFT CORP                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         34 | NC      | $986.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $9487.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.500000 20-AUG-2028 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   22531815 | OU      | $71855.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                | ION Trading Technologies Sarl                                       | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |     400000 | PA      | $392531.28    | 0.02%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE CONVERTIBLE PREF EQ                           | COREWEAVE CONVERTIBLE PREF EQ                                       | CUSIP: 000000000<br>LEI: 984500511DP2B6186053 | Long             | EP               | CORP              | US        |    1579000 | NS      | $4326460.00   | 0.27%             |  |  |  | No            |                  3 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      18036 | PA      | $8684.33      | 0.00%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BANK OF AMERICA CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -58 | NC      | $-12702.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARES CLO Ltd                                            | ARES Loan Funding I Ltd                                             | CUSIP: 04018YAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2150000 | PA      | $1018154.43   | 0.06%             | 2034-10-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                      | Ardonagh Finco Ltd                                                  | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    1025000 | PA      | $1243860.38   | 0.08%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | E-MINI RUSS 2000 DEC25                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         50 | NC      | $-28570.99    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                               | Warner Bros Discovery Inc                                           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      75452 | NS      | $1473577.56   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.670000 26-DEC-2034 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13998101 | OU      | $-30001.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                                | Magyar Export-Import Bank Zrt                                       | CUSIP: 000000000<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |     254000 | PA      | $322251.96    | 0.02%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $243739.22    | 0.01%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAMECO CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -12 | NC      | $-1806.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         25 | NC      | $27062.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2020-20 Ltd                                                 | CUSIP: 670859AU1<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3519156.20   | 0.22%             | 2037-04-18      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | COSTCO WHOLESALE CORP                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-6025.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $1613.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arini European CLO                                      | Arini European CLO V DAC                                            | CUSIP: 000000000<br>LEI: 635400HVHHJPCXB66K47 | Long             | ABS-CBDO         | CORP              | IE        |     230000 | PA      | $269972.35    | 0.02%             | 2039-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CAD / SOLD USD                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CA        |          1 | NC      | $-1952.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592ECC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     917236 | PA      | $697010.98    | 0.04%             | 2051-06-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                       | Xerox Corp                                                          | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     559000 | PA      | $541172.60    | 0.03%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| Mobico Group PLC                                        | Mobico Group PLC                                                    | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |     195000 | PA      | $180220.43    | 0.01%             | 2031-09-26      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                                 | Wintershall Dea Finance 2 BV                                        | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |     164000 | PA      | $201208.80    | 0.01%             | 2030-05-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EIS Group Inc                                           | EIS Group Inc Revolver                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     373370 | PA      | $360787.14    | 0.02%             | 2028-07-10      | Floating      | 11.16%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | VALERO ENERGY CORP                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -9 | NC      | $-11340.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     244000 | PA      | $209327.60    | 0.01%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BANK OF AMERICA CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -122 | NC      | $-6405.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Sound Point CLO LTD                                     | Sound Point CLO XXVI Ltd                                            | CUSIP: 83614XAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249641.75    | 0.02%             | 2034-07-20      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                             | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     305134 | PA      | $337846.71    | 0.02%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $1652.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                                            | Comerica Inc                                                        | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       1300 | NS      | $89076.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arini European CLO                                      | Arini European Clo IV DAC                                           | CUSIP: 000000000<br>LEI: 635400S1CQWFRKNVAN93 | Long             | ABS-CBDO         | CORP              | IE        |     430000 | PA      | $513884.31    | 0.03%             | 2038-01-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| WOM NEW HOLDCO COMMON                                   | WOM NEW HOLDCO COMMON                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        599 | NS      | $13777.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Meritage Homes Corp                                     | Meritage Homes Corp                                                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |      12647 | NS      | $916022.21    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      50188 | PA      | $27979.81     | 0.00%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | 5Y RTR 3.000000 30-SEP-2025                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -22813000 | OU      | $-0.23        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JETBLUE 2019-1 CLASS AA                                 | JetBlue 2019-1 Class AA Pass Through Trust                          | CUSIP: 477143AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     327338 | PA      | $289934.43    | 0.02%             | 2032-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SEN                                  | Thames Water Super Senior Issuer PLC                                | CUSIP: 000000000<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |      30087 | PA      | $45143.59     | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                             | Vistra Corp                                                         | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      40821 | NS      | $7997650.32   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                | Texas Capital Bancshares Inc                                        | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     794000 | PA      | $782510.77    | 0.05%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | TRSWAP: HYG US EQUITY                                               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    4339284 | OU      | $-7971.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRANICKS GROUP AG                                       | BRANICKS Group AG                                                   | CUSIP: 000000000<br>LEI: 52990044JL2ZPWONU738 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $92739.21     | 0.01%             | 2026-09-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -101 | NC      | $-40147.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EIS Group Inc                                           | EIS Group Inc Term Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3733697 | PA      | $3607871.41   | 0.22%             | 2028-07-10      | Floating      | 11.16%                | No            |                  3 | On Loan: No      |
| STEM INC                                                | Stem Inc                                                            | CUSIP: 85859NAA0<br>LEI: 549300GVWIYFILN5V546 | Long             | DBT              | CORP              | US        |     200000 | PA      | $57000.12     | 0.00%             | 2028-12-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Stratus CLO                                             | Stratus CLO 2021-1 Ltd                                              | CUSIP: 863171AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $0.10         | 0.00%             | 2029-12-29      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 17-JAN-2034 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2862750 | OU      | $79800.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.422000 02-OCT-2028 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   81301300 | OU      | $2423136.99   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Universal LLC                                    | Galaxy Universal LLC 1st Lien Term Loan                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12858233 | PA      | $12793942.04  | 0.78%             | 2026-11-12      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                | CUSIP: 000000000<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     100000 | PA      | $135539.44    | 0.01%             | 2031-06-04      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ELI LILLY + CO                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -9 | NC      | $-16267.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TENNECO INC                                             | Tenneco Inc                                                         | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    1648000 | PA      | $1651008.69   | 0.10%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2021-1                                       | CUSIP: 52607MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2320000 | PA      | $2207315.28   | 0.14%             | 2031-11-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | GB        |          1 | NC      | $-49.86       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EchoStar Corp                                           | EchoStar Corp                                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      49780 | NS      | $3801200.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.952300 03-NOV-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4880425 | OU      | $56622.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2020-2           | CUSIP: 35564CGD3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1886915 | PA      | $1872810.45   | 0.11%             | 2060-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                    | Progressive Corp/The                                                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      43521 | NS      | $10747510.95  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ALSTRIA OFFICE AG                                       | Alstria Office AG                                                   | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122080.14    | 0.01%             | 2031-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SONDER WARRANTS DEC 30 2029                             | SONDER WARRANTS DEC 30 2029                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      26165 | NS      | $33752.85     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vertex Pharmaceuticals Inc                              | Vertex Pharmaceuticals Inc                                          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       4657 | NS      | $1823867.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE BIDCO PLC                                      | Pinnacle Bidco PLC                                                  | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |     177000 | PA      | $251145.98    | 0.02%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Redstone Holdco 2 LP                                    | Redstone Holdco 2 LP 2021 Term Loan                                 | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2034120 | PA      | $1032315.69   | 0.06%             | 2028-04-27      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-4                                     | CUSIP: 46652VCB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     856069 | PA      | $640939.23    | 0.04%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| RRX Ltd                                                 | RRX 7 Ltd                                                           | CUSIP: 40256JAA3<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $749585.70    | 0.05%             | 2035-07-15      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | ATLANTIC UNION BANKSHARES CORP                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       1550 | OU      | $-54699.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | AMAZON.COM INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        133 | NC      | $62510.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                      | Union Pacific Corp                                                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      17896 | NS      | $4230077.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EDGE FINCO PLC                                          | Edge Finco PLC                                                      | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |     495000 | PA      | $709830.14    | 0.04%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     806000 | PA      | $808670.88    | 0.05%             | 2026-11-05      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SPDR S&P Homebuilders ETF                               | SPDR S&P Homebuilders ETF                                           | CUSIP: 78464A888<br>LEI: 549300MSE80LL1UJS132 | Long             | EC               | RF                | US        |       8193 | NS      | $907784.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                         | McDonald's Corp                                                     | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       7321 | NS      | $2224778.69   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | 5Y RTR 3.050000 20-NOV-2025                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  -23381000 | OU      | $-29545.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DR HORTON INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -7 | NC      | $-1715.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                             | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     224000 | PA      | $244160.00    | 0.01%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 03-NOV-2053 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5250777 | OU      | $19216.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CAD / SOLD USD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CA        |          1 | NC      | $-34657.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                         | BAE Systems PLC                                                     | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     492909 | NS      | $13720820.56  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Quimper AB                                              | Quimper AB 2024 EUR Term Loan B                                     | CUSIP: 000000000<br>LEI: 549300EI2YNCQDXVO313 | Long             | LON              | CORP              | SE        |    1008696 | PA      | $1191827.63   | 0.07%             | 2030-03-29      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                           | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     251000 | PA      | $293029.11    | 0.02%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRIGHT MACHINES SERIES C 1                              | BRIGHT MACHINES SERIES C 1                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     985059 | NS      | $108356.51    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | MCKESSON CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-6100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                  | UnitedHealth Group Inc                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       1919 | NS      | $662630.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -44 | NC      | $-9702.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: USD 3.270000 05-FEB-2028 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   24746900 | OU      | $-5865.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                 | Summer BC Holdco B SARL                                             | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $229342.31    | 0.01%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BP PLC                                                  | BP PLC                                                              | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      73129 | NS      | $419881.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HAWKEYE 360 SERIES D1 CONVERT                           | HAWKEYE 360 SERIES D1 CONVERT                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     406081 | NS      | $6144005.53   | 0.38%             |  |  |  | No            |                  3 | On Loan: No      |
| AMC Networks Inc                                        | AMC Networks Inc                                                    | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |       9801 | NS      | $80760.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                               | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     194000 | PA      | $246882.97    | 0.02%             | 2033-09-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: JPY 0.283000 09-MAR-2026 FTO                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 2893936941 | OU      | $52552.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDSTORY SASU                                          | Goldstory SAS                                                       | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     317000 | PA      | $386447.86    | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                                         | ASML Holding NV                                                     | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      15389 | NS      | $15007151.78  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                         | Philip Morris International Inc                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      26534 | NS      | $4303814.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR CANADA 2020-1C PTT                                  | Air Canada 2020-1 Class C Pass Through Trust                        | CUSIP: 008911BD0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1769000 | PA      | $1845002.25   | 0.11%             | 2026-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HAWKEYE 360 ATM WARRANTS                                | HAWKEYE 360 ATM WARRANTS                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      19736 | NS      | $131441.76    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | DELTA AIR LINES INC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        636 | NC      | $161226.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -108 | NC      | $-334530.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                       | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     120000 | PA      | $124212.12    | 0.01%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                        | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1964034.70   | 0.12%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DELTA AIR LINES INC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -1272 | NC      | $-101760.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                              | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     317000 | PA      | $351771.73    | 0.02%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592ECD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1533533 | PA      | $667510.88    | 0.04%             | 2051-06-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Algoma Steel Group Inc                                  | Algoma Steel Group Inc                                              | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |     178901 | NS      | $635993.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SGL GROUP APS                                           | SGL Group ApS                                                       | CUSIP: 000000000<br>LEI: 636700YQKGLXCPPUYE74 | Long             | DBT              | CORP              | DK        |     143000 | PA      | $163478.16    | 0.01%             | 2031-02-24      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                      | Vivion Investments Sarl                                             | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |     525799 | PA      | $615833.22    | 0.04%             | 2028-08-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | META PLATFORMS INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-11925.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AIR 2017-1 PTT AA                                | Spirit Airlines Pass Through Trust 2017-1AA                         | CUSIP: 84858WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     532471 | PA      | $495818.43    | 0.03%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lionsgate Studios Corp                                  | Lionsgate Studios Corp                                              | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      95306 | NS      | $657611.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CML ST Regis Aspen                                      | CML ST Regis Aspen Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6479771 | PA      | $6541218.66   | 0.40%             | 2027-02-09      | Fixed         | 7.27%                 | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | NETFLIX INC                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -1 | NC      | $-1395.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | BOOKING HOLDINGS INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |          5 | NC      | $57225.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                      | Valero Energy Corp                                                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      13738 | NS      | $2339031.88   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                      | EUR C USD P @1.195000 EO                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   12476000 | OU      | $5009.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DR HORTON INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -32 | NC      | $-12160.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.864300 10-NOV-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   20266800 | OU      | $204184.76    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                        | Wells Fargo & Co                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     108005 | NS      | $9052979.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | LIVE NATION ENTERTAINMENT INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-2975.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PEER HOLDING III BV                                     | Peer Holding III BV 2025 EUR Term Loan B6B                          | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |    1400000 | PA      | $1646169.31   | 0.10%             | 2031-07-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| West Deptford Energy Holdings LLC                       | West Deptford Energy Holdings LLC 2025 Term Loan                    | CUSIP: 95249CAF1<br>LEI: 549300HOEW2V8L64EU07 | Long             | LON              | CORP              | US        |    1016000 | PA      | $1006602.00   | 0.06%             | 2032-07-24      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -245 | NC      | $-100450.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| APPLEGREEN IRELAND                                      | Applegreen Ireland 2025 EUR Term Loan B                             | CUSIP: 000000000<br>LEI: 635400OPREBBJDTRR459 | Long             | LON              | CORP              | IE        |     569620 | PA      | $675035.74    | 0.04%             | 2032-01-30      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                 | Beach Acquisition Bidco LLC                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     128000 | PA      | $154047.95    | 0.01%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                            | Oriental Republic of Uruguay                                        | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     216000 | PA      | $202980.60    | 0.01%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                     | Worldline SA/France                                                 | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $90994.34     | 0.01%             | 2030-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Emerald Technologies (US) Acquisitionco Inc             | Emerald Technologies (US) Acquisitionco Inc Term Loan               | CUSIP: 29102UAB5<br>LEI: 549300PVODJ41V7YM574 | Long             | LON              | CORP              | US        |    1078575 | PA      | $744216.75    | 0.05%             | 2027-12-29      | Floating      | 10.60%                | No            |                  3 | On Loan: No      |
| PREEM HOLDING AB                                        | Preem Holdings AB                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     137600 | PA      | $167040.11    | 0.01%             | 2027-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                      | NextEra Energy Inc                                                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     116286 | NS      | $8778430.14   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2020-NQM1                              | CUSIP: 452760AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3602500 | PA      | $3298962.72   | 0.20%             | 2055-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                           | Hilton Worldwide Holdings Inc                                       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      10312 | NS      | $2675345.28   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                   | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      48000 | PA      | $48509.04     | 0.00%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Vedanta Holdings Mauritius II LTD                       | Vedanta Holdings Mauritius II LTD Delayed Draw Term Loan            | CUSIP: 000000000<br>LEI: 894500ANJHA7BPW5U641 | Long             | LON              | CORP              | MU        |     863720 | PA      | $863720.01    | 0.05%             | 2026-04-17      | Fixed         | 18.00%                | No            |                  3 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $170.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                                     | ABRA Global Finance                                                 | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |     161628 | PA      | $156617.53    | 0.01%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| KAIXO BONDCO TELECOM SA                                 | Kaixo Bondco Telecom SA                                             | CUSIP: 000000000<br>LEI: 959800ULWB3MZHZ69055 | Long             | DBT              | CORP              | ES        |     187000 | PA      | $222222.94    | 0.01%             | 2029-09-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | 30Y RTR 3.650000 26-NOV-2025                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   11435000 | OU      | $64697.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton Inc                                           | DR Horton Inc                                                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      28111 | NS      | $4763971.17   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUND FUTURE DEC25                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        138 | NC      | $69490.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE DEC25                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         59 | NC      | $28088.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |          1 | NC      | $-2458.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Offerpad Solutions Inc                                  | Offerpad Solutions Inc                                              | CUSIP: 67623L117<br>LEI: N/A                  | N/A              | DE               |  | US        |      60706 | NS      | $3035.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | VANGUARD INTERMEDIATE-TERM CORP BO                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      19188 | OU      | $-1613902.68  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corportation Trust 2021-IP                   | CUSIP: 36262MAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1540000 | PA      | $1519128.53   | 0.09%             | 2036-10-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | JPMORGAN CHASE + CO                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -22 | NC      | $-11550.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EXO IMAGING INC                                         | EXO IMAGING INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       2531 | NS      | $911.33       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                      | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    1200000 | PA      | $18000.00     | 0.00%             | 2023-07-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alorica Inc                                             | Alorica Inc 2022 Term Loan                                          | CUSIP: 000000000<br>LEI: 549300I7BKCLNE05U640 | Long             | LON              | CORP              | US        |    3043259 | PA      | $3020434.77   | 0.19%             | 2027-12-21      | Floating      | 11.04%                | No            |                  3 | On Loan: No      |
| LCH Ltd.                                                | SWP: IFS 2.693000 15-AUG-2032                                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | XX        |    1425000 | OU      | $58893.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                     | Dolcetto Holdco SpA                                                 | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     156000 | PA      | $187776.24    | 0.01%             | 2032-07-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR S+P REGIONAL BANKING ETF                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        533 | NC      | $19721.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Providus CLO                                            | Providus CLO II DAC                                                 | CUSIP: 000000000<br>LEI: 635400JFBYET5G2XFP83 | Long             | ABS-CBDO         | CORP              | IE        |     238000 | PA      | $281874.47    | 0.02%             | 2038-10-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $26703.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWAP/CDSWAP/SCDS: (VST)                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              |  | US        |      80000 | OU      | $13093.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lending Funding Trust 2020-2                                        | CUSIP: 51507KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2830000 | PA      | $2836035.54   | 0.17%             | 2031-04-21      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | EAGLE BANCORP INC                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       3416 | OU      | $69071.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RAMSAY GENERALE DE SANTE SA                             | Ramsay Generale de Sante SA 2025 EUR Term Loan B4                   | CUSIP: 000000000<br>LEI: 969500I1EJGUAT223F44 | Long             | LON              | CORP              | FR        |     900000 | PA      | $1058093.20   | 0.06%             | 2031-08-13      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-4                                     | CUSIP: 46652VCA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1141574 | PA      | $909156.26    | 0.06%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Victory Street CLO                                      | Victory Street CLO I DAC                                            | CUSIP: 000000000<br>LEI: 635400D4KWYZ4IFHKI82 | Long             | ABS-CBDO         | CORP              | IE        |     320000 | PA      | $381919.09    | 0.02%             | 2038-01-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| LION/POLARIS LUX 4 SA                                   | Lion/Polaris Lux 4 SA                                               | CUSIP: 000000000<br>LEI: 984500BFD3F99A7UB874 | Long             | DBT              | CORP              | LU        |     305000 | PA      | $362071.03    | 0.02%             | 2029-07-01      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 18-APR-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   25216354 | OU      | $501566.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR GOLD SHARES                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       1548 | NC      | $1280970.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc                                  | Flagstar Financial Inc                                              | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     254364 | NS      | $2937904.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                        | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     238000 | PA      | $258194.30    | 0.02%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc                          | Air Products and Chemicals Inc                                      | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      11746 | NS      | $3203369.12   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                           | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     221000 | PA      | $267063.64    | 0.02%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                          | SEAGATE DATA STOR                                                   | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     639000 | PA      | $676446.68    | 0.04%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | TRESTLES CLO 2017-1 Ltd                                             | CUSIP: 89531FBG1<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $504497.95    | 0.03%             | 2037-07-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                         | Altar Bidco Inc 2021 2nd Lien Term Loan                             | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2548238 | PA      | $2412340.47   | 0.15%             | 2030-02-01      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| INDY US BIDCO LLC                                       | Indy US Bidco LLC 2025 EUR Term Loan B                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     883922 | PA      | $1038122.29   | 0.06%             | 2030-10-31      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                      | Forestar Group Inc                                                  | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    1950000 | PA      | $1931750.34   | 0.12%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $201.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPEEDSTER BIDCO GMBH                                    | Speedster Bidco GmbH 2024 EUR Term Loan B                           | CUSIP: 000000000<br>LEI: 254900LE837QB2YYV824 | Long             | LON              | CORP              | DE        |     660000 | PA      | $778747.80    | 0.05%             | 2031-12-10      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SAP SE                                                  | SAP SE                                                              | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      11360 | NS      | $3041837.15   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGINEERING SPA                                         | Engineering - Ingegneria Informatica - SpA                          | CUSIP: 000000000<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |     448000 | PA      | $560491.79    | 0.03%             | 2028-05-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                          | Diamond II Ltd                                                      | CUSIP: 000000000<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $201500.00    | 0.01%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Rotor Acquisition Corp                                  | ROTOR ACQUI ROTOR ACQUISITION                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       3978 | NS      | $34172.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -97 | NC      | $-24056.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local Currency Bond ETF          | VanEck J. P. Morgan EM Local Currency Bond ETF                      | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |      43791 | NS      | $1117108.41   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Avoca Static CLO                                        | Avoca Static CLO I DAC                                              | CUSIP: 000000000<br>LEI: 549300D0MXVAW7ZB0873 | Long             | ABS-CBDO         | CORP              | IE        |     150000 | PA      | $177018.11    | 0.01%             | 2035-01-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | INTUITIVE SURGICAL INC                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-3780.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NORTH MACEDONIA                                         | North Macedonia Government International Bond                       | CUSIP: 000000000<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |     187000 | PA      | $228215.21    | 0.01%             | 2027-03-13      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                      | Tricon Residential 2021-SFR1 Trust                                  | CUSIP: 89614YAG1<br>LEI: 549300Z2X1L1L3MID765 | Long             | ABS-O            | CORP              | US        |    1375000 | PA      | $1356094.44   | 0.08%             | 2038-07-17      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                            | Rossini Sarl                                                        | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |      88672 | PA      | $105453.74    | 0.01%             | 2029-12-31      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                          | Penta CLO 17 DAC                                                    | CUSIP: 000000000<br>LEI: 254900P6EQ7DE06DX267 | Long             | ABS-CBDO         | CORP              | IE        |     232000 | PA      | $274220.17    | 0.02%             | 2038-08-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| CVC Cordatus Opportunity Loan Fund DAC                  | CVC Cordatus Opportunity Loan Fund-R DAC                            | CUSIP: 000000000<br>LEI: 635400C8SJP8XE4FXA57 | Long             | ABS-CBDO         | CORP              | IE        |     700000 | PA      | $823006.33    | 0.05%             | 2033-08-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| VanEck Semiconductor ETF                                | VanEck Semiconductor ETF                                            | CUSIP: 92189F676<br>LEI: 549300MJTG2N9QRH7I02 | Long             | EC               | RF                | US        |       3593 | NS      | $1172611.48   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                            | Thermo Fisher Scientific Inc                                        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       3447 | NS      | $1671863.94   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                 | INEOS Quattro Finance 2 Plc                                         | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     174000 | PA      | $191452.15    | 0.01%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                     | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     249000 | PA      | $265757.70    | 0.02%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                                   | Costco Wholesale Corp                                               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      16253 | NS      | $15044264.39  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cordatus CLO PLC                                        | CVC Cordatus Loan Fund XIX DAC                                      | CUSIP: 000000000<br>LEI: 635400BFCX9PFNPQKM71 | Long             | ABS-CBDO         | CORP              | IE        |    2300000 | PA      | $2740078.68   | 0.17%             | 2033-12-23      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (CDX.NA.HY.41.V2)                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    3367485 | OU      | $268236.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HNG HOSPITALITY OFFSHORE LP                             | HNG HOSPITALITY OFFSHORE LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    2660000 | NS      | $1915200.00   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                | Connect Finco SARL / Connect US Finco LLC                           | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     650000 | PA      | $683413.13    | 0.04%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $123681.58    | 0.01%             | 2031-07-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Crown City CLO                                          | Crown City CLO III                                                  | CUSIP: 22824DAN9<br>LEI: 5493000O0QFX9SMPY639 | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1249106.50   | 0.08%             | 2034-07-20      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $210250.00    | 0.01%             | 2038-01-29      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-E                                     | CUSIP: 009740AH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       5998 | PA      | $2818.47      | 0.00%             | 2060-12-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                  | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      59000 | PA      | $55194.13     | 0.00%             | 2081-06-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CITIGROUP INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        126 | NC      | $40635.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurium CLO                                              | Aurium Clo XIII DAC                                                 | CUSIP: 000000000<br>LEI: 635400NUJFLZMWBUGF89 | Long             | ABS-CBDO         | CORP              | IE        |     160000 | PA      | $187398.09    | 0.01%             | 2038-04-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                   | Uber Technologies Inc                                               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      15980 | NS      | $1565560.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.311000 29-SEP-2033 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  121626100 | OU      | $6418140.00   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 2.900000 30-APR-2029 EUR                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   17652653 | OU      | $500960.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO VC Ltd                                                   | CUSIP: 14687LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501129.80    | 0.03%             | 2034-10-15      | Floating      | 11.33%                | No            |                  2 | On Loan: No      |
| Avoca CLO                                               | Avoca CLO XVIII DAC                                                 | CUSIP: 000000000<br>LEI: 549300K6K5XESJRIKM24 | Long             | ABS-CBDO         | CORP              | IE        |     170000 | PA      | $200715.77    | 0.01%             | 2038-01-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                                 | Garfunkelux Holdco 3 SA EUR Term Loan                               | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | LON              | CORP              | LU        |    3515000 | PA      | $4073469.98   | 0.25%             | 2028-08-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC                                                    | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    2040000 | PA      | $1936221.65   | 0.12%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APOLLO GLOBAL MANAGEMENT INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-412.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-C                             | CUSIP: 83208AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     260444 | PA      | $233210.69    | 0.01%             | 2053-01-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| HBX GROUP INTERNATIONAL PLC                             | HBX Group International PLC EUR Term Loan B                         | CUSIP: 000000000<br>LEI: 984500745985CA77CS69 | Long             | LON              | CORP              | GB        |    1010869 | PA      | $1188294.94   | 0.07%             | 2032-02-13      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                            | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     210000 | PA      | $229950.00    | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| VERITAS SERIES G PREFERRED STO                          | VERITAS SERIES G PREFERRED STO                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       8968 | NS      | $204022.00    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Arbour CLO                                              | Arbour CLO VI DAC                                                   | CUSIP: 000000000<br>LEI: 635400HEJB8VLV1GBH66 | Long             | ABS-CBDO         | CORP              | IE        |     300000 | PA      | $354195.04    | 0.02%             | 2037-11-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                       | Xerox Corp                                                          | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     662000 | PA      | $672483.43    | 0.04%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                                           | Wolfspeed Inc                                                       | CUSIP: 225447AD3<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |     140000 | PA      | $63000.00     | 0.00%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | FREEPORT-MCMORAN INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -98 | NC      | $-20041.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | WELLS FARGO + CO                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        217 | NC      | $43291.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |     209000 | PA      | $256400.29    | 0.02%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc                                       | EOG Resources Inc                                                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       4165 | NS      | $466979.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXAM PRILL SARL                                        | Maxam Prill Sarl                                                    | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |     306000 | PA      | $364726.14    | 0.02%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                      | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    1771000 | PA      | $1711492.35   | 0.11%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ALMAVIVA THE ITALIAN INN                                | Almaviva-The Italian Innovation Co SpA                              | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |     309000 | PA      | $368526.66    | 0.02%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                             | Deuce Finco PLC                                                     | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |     345000 | PA      | $463124.44    | 0.03%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                        | CUSIP: 00111VAC1<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |     285000 | PA      | $301418.85    | 0.02%             | 2055-06-10      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| STAGE ENTERTAINMENT BV                                  | Stage Entertainment BV 2024 EUR Term Loan B                         | CUSIP: 000000000<br>LEI: 213800LK9D4ZNEX9VB03 | Long             | LON              | CORP              | NL        |    1000000 | PA      | $1182492.09   | 0.07%             | 2029-06-02      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital Euro CLO DAC                         | Texas Debt Capital Euro CLO 2025-I DAC                              | CUSIP: 000000000<br>LEI: 6354005CUY8PX5XJT459 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $415820.19    | 0.03%             | 2039-04-16      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2019-C50                      | CUSIP: 95001XBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   21830954 | PA      | $816156.78    | 0.05%             | 2052-05-15      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.225000 19-FEB-2030 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   14200344 | OU      | $-187548.88   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                   | Muangthai Capital PCL                                               | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     250000 | PA      | $259137.50    | 0.02%             | 2030-07-21      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                                   | Micron Technology Inc                                               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      70921 | NS      | $11866501.72  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -54 | NC      | $-84375.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      82000 | PA      | $98159.09     | 0.01%             | 2039-07-11      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                                    | Williams Cos Inc/The                                                | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      80729 | NS      | $5114182.15   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.65000 03-NOV-2053 SOF                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5250777 | OU      | $310820.50    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                               | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     352000 | PA      | $388432.00    | 0.02%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | VALERO ENERGY CORP                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         84 | NC      | $90510.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIV GROUP GMBH                                         | Aviv Group GmbH EUR Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |    1146497 | PA      | $1354458.35   | 0.08%             | 2032-04-23      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -194 | NC      | $-430195.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-A                               | CUSIP: 56848DAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1420000 | PA      | $1375931.15   | 0.08%             | 2036-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD IDR                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $13496.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                                        | Pitney Bowes Inc                                                    | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    1822000 | PA      | $1820556.98   | 0.11%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-CCRE25 Mortgage Trust                                     | CUSIP: 12593PBA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     560176 | PA      | $553207.59    | 0.03%             | 2048-08-10      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                 | EQUATE Petrochemical Co KSC                                         | CUSIP: 000000000<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |     297000 | PA      | $295663.50    | 0.02%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.922300 03-NOV-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4880425 | OU      | $53812.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     142279 | NS      | $14441318.50  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK NA                                             | SWP: OIS 9.950000 04-JAN-2027 BZD                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   14190595 | OU      | $-297374.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                               | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     272000 | PA      | $293352.00    | 0.02%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTIL LTD                                   | Thames Water Utilities Ltd                                          | CUSIP: 000000000<br>LEI: 213800JKM5UQHFJOTZ25 | Long             | DBT              | CORP              | GB        |       5775 | PA      | $6640.66      | 0.00%             | 2027-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                 | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     506000 | PA      | $519784.96    | 0.03%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                            | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    1185000 | PA      | $1044613.39   | 0.06%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                          | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $128082.74    | 0.01%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 10X FUTURE TECHNOLOGIES SERVICES LTD                    | 10X FUTURE TECHNOLOGIES SERVICES LTD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     114500 | NS      | $1450595.12   | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VERITAS SERIES G 1 PREFERRED                            | VERITAS SERIES G 1 PREFERRED                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       6197 | NS      | $140981.75    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWP: OIS 10.316400 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   29050000 | OU      | $-531241.89   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                    | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     985000 | PA      | $828329.94    | 0.05%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                               | Caesars Entertainment Inc                                           | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      19728 | NS      | $533149.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| X Corp.                                                 | X Corp Term Loan                                                    | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      93661 | PA      | $91800.61     | 0.01%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        462 | NC      | $1384152.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | EQT CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -31 | NC      | $-713.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                | SWP: GBP 4.123300 21-NOV-2028 SON                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6085000 | OU      | $61639.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | WALT DISNEY CO/THE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -64 | NC      | $-6496.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592ECB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     764364 | PA      | $629828.65    | 0.04%             | 2051-06-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-C                                    | CUSIP: 64035GAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     110000 | PA      | $94735.81     | 0.01%             | 2062-04-20      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HKD / SOLD USD                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HK        |          1 | NC      | $48.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Maverick Gaming LLC                                     | Maverick Gaming LLC 2024 Second Out Term Loan                       | CUSIP: 57770JAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     907055 | PA      | $498880.32    | 0.03%             | 2028-06-05      | Floating      | 15.75%                | No            |                  2 | On Loan: No      |
| SECTOR ALARM HOLDING AS                                 | Sector Alarm Holding AS 2025 EUR Term Loan B                        | CUSIP: 000000000<br>LEI: 549300YUOBFVB7TE8510 | Long             | LON              | CORP              | NO        |     406916 | PA      | $479803.84    | 0.03%             | 2029-06-14      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                           | AIA Group Ltd                                                       | CUSIP: 00131MAS2<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |     200000 | PA      | $196038.00    | 0.01%             | 2054-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                                     | Crown Point CLO 9 Ltd                                               | CUSIP: 22846DAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501155.15    | 0.03%             | 2034-07-14      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2020-18 Ltd                                                 | CUSIP: 671078BG7<br>LEI: 254900MN6N176YEZLX15 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $504541.15    | 0.03%             | 2037-07-20      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                          | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     200000 | PA      | $216660.00    | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KLEOPATRA FINCO SARL                                    | Kleopatra Finco Sarl                                                | CUSIP: 000000000<br>LEI: 222100M6T1N8VIC8M726 | Long             | DBT              | CORP              | LU        |     411000 | PA      | $271625.05    | 0.02%             | 2026-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | USD P JPY C @142.0000 EO                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KY        |   14395000 | OU      | $993.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp                                      | First Horizon Corp                                                  | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |       7186 | NS      | $162475.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRITE LAKE LUX HOL                                | Alexandrite Lake Lux Holdings Sarl                                  | CUSIP: 000000000<br>LEI: 213800RY78YHYF5J8L55 | Long             | DBT              | CORP              | LU        |     384000 | PA      | $461213.24    | 0.03%             | 2030-07-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      75283 | PA      | $51192.44     | 0.00%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CITIGROUP INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -77 | NC      | $-4389.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CVR ENERGY INC                                          | CVR Energy Inc Term Loan B                                          | CUSIP: 12663SAB7<br>LEI: 529900SOYZIXZBTXB558 | Long             | LON              | CORP              | US        |    1323102 | PA      | $1323101.74   | 0.08%             | 2027-12-30      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| CAP HILL BRANDS PREF EQUITY                             | CAP HILL BRANDS PREF EQUITY                                         | CUSIP: 000000000<br>LEI: U246OE781574J2BUD366 | Long             | EP               | CORP              | US        |    1185824 | NS      | $11.86        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $7323.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                               | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $121660.07    | 0.01%             | 2030-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | FSWP: CNY 2.595000 15-SEP-2026                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  157107000 | OU      | $224498.46    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.987300 03-NOV-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9760850 | OU      | $119803.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRICA PLC                                            | Centrica PLC                                                        | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | DBT              | CORP              | GB        |     494000 | PA      | $680159.37    | 0.04%             | 2055-05-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCEANA A 4YR NOTE UPSIZE                                | OCEANA A 4YR NOTE UPSIZE                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    1980000 | PA      | $1331521.60   | 0.08%             | 2028-07-31      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | EQT CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -488 | NC      | $-18300.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     215000 | PA      | $259609.84    | 0.02%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                           | Schaeffler AG                                                       | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $119328.98    | 0.01%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: USD 3.870000 05-FEB-2028 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   24746900 | OU      | $289317.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | GB        |          1 | NC      | $-2025.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VOLATO GROUP INC                                        | VOLATO GROUP INC                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      48765 | NS      | $487.65       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                                           | USD P ZAR C @16.80000 EO                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | KY        |   -4605000 | OU      | $-23269.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK NEGARA INDONESIA                                   | Bank Negara Indonesia Persero Tbk PT                                | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $194005.00    | 0.01%             | 2027-03-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED TRY / SOLD USD                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $12836.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.137500 12-MAY-2033                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13768825 | OU      | $-289372.60   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | SWAP/CDSWAP/SCDS: (EOFP)                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | DE        |     103000 | OU      | $12967.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                             | CUSIP: 78448YAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1185673 | PA      | $1080867.85   | 0.07%             | 2053-01-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MICRON TECHNOLOGY INC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -14 | NC      | $-37485.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | CITIGROUP INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -126 | NC      | $-15246.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2019-16 Ltd                                                 | CUSIP: 67570RAE9<br>LEI: 254900XAI48J82ID5O83 | Long             | ABS-CBDO         | CORP              | KY        |     400000 | PA      | $398672.20    | 0.02%             | 2033-04-10      | Floating      | 10.94%                | No            |                  2 | On Loan: No      |
| CARESYNTAX COMMON EQ                                    | CARESYNTAX COMMON EQ                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      15359 | NS      | $5068.47      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | TRSWAP: HYG US EQUITY                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    5272223 | OU      | $7285.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | USD C JPY P @151.0000 EO                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |  -14395000 | OU      | $-7989.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares China Large-Cap ETF                             | iShares China Large-Cap ETF                                         | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Long             | EC               | RF                | US        |      77200 | NS      | $3176008.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | LIVE NATION ENTERTAINMENT INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-3357.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                     | Societe Generale SA                                                 | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      12265 | NS      | $816558.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     110000 | PA      | $131244.19    | 0.01%             | 2033-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Verifone Systems Inc                                    | Verifone Systems Inc 2025 Term Loan                                 | CUSIP: 000000000<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |    1867751 | PA      | $1803668.30   | 0.11%             | 2028-08-18      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| CROWN PROPTECH ACQUISITIONS                             | CROWN PROPTECH ACQUISITIONS                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      74120 | NS      | $19604.74     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                | CUSIP: 19424KAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     140093 | PA      | $134700.93    | 0.01%             | 2051-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         44 | NC      | $57090.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BOBL FUTURE DEC25                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        319 | NC      | $10872.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                           | Medtronic PLC                                                       | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      80529 | NS      | $7669581.96   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                            | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $242310.70    | 0.01%             | 2029-09-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                    | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     856000 | PA      | $902010.00    | 0.06%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                         | OEG Finance PLC                                                     | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |     271000 | PA      | $332541.97    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (CS)                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |    3700000 | OU      | $-85034.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                            | Rossini Sarl                                                        | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |     147000 | PA      | $182075.48    | 0.01%             | 2029-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RELSPACE COMMON EQ                                      | RELSPACE COMMON EQ                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        496 | NS      | $510.88       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | TESLA INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         39 | NC      | $339690.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                            | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     159000 | PA      | $168659.79    | 0.01%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                              | Advanced Micro Devices Inc                                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       2700 | NS      | $436833.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMBANOVA SYSTEMS INC                                   | SAMBANOVA SYSTEMS INC                                               | CUSIP: 000000000<br>LEI: 2549002D18MMEIO51D20 | Long             | EC               | CORP              | US        |      13158 | NS      | $398687.40    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Xerox Holdings Corp                                     | Xerox Holdings Corp 2023 Term Loan B                                | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |      40000 | PA      | $37050.00     | 0.00%             | 2029-11-19      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                             | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     250229 | PA      | $151672.89    | 0.01%             | 2032-12-18      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                                    | Adler Financing Sarl                                                | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |     820010 | PA      | $1024748.03   | 0.06%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                             | CUSIP: 78448YAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     647038 | PA      | $589633.77    | 0.04%             | 2053-01-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TESLA INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -24 | NC      | $-85980.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $320.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hydrofarm Holdings LLC                                  | Hydrofarm Holdings LLC 2021 Term Loan                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1772631 | PA      | $1453557.33   | 0.09%             | 2028-10-25      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      25611 | PA      | $10564.54     | 0.00%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Centene Corp                                            | Centene Corp                                                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      31726 | NS      | $1131983.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXV                                                     | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |     375000 | PA      | $374899.09    | 0.02%             | 2034-04-20      | Floating      | 10.34%                | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD                                     | ReNew Pvt Ltd                                                       | CUSIP: 000000000<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $199722.00    | 0.01%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (ETLFP)                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | DE        |      89000 | OU      | $11998.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MNTN INC                                                | MNTN INC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      58924 | NS      | $1093040.20   | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                                    | Tri Pointe Homes Inc                                                | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      27655 | NS      | $939440.35    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lehman Brothers Small Balance Commercial                | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-2      | CUSIP: 52521VAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2692682 | PA      | $2328502.46   | 0.14%             | 2037-06-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.299000 23-OCT-2027 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7036073 | OU      | $-8628.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARCOLIN SPA                                            | Marcolin SpA                                                        | CUSIP: 000000000<br>LEI: 815600C8D55034EB5379 | Long             | DBT              | CORP              | IT        |     540000 | PA      | $634397.48    | 0.04%             | 2026-11-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | EUR P USD C @1.165000 EO                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KY        |  -16093000 | OU      | $-264.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.900000 24-FEB-2030 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12058170 | OU      | $223671.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                             | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $238666.52    | 0.01%             | 2034-01-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                  | Lumen Technologies Inc                                              | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     272406 | NS      | $1667124.72   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT INDONESIA PT                                   | Freeport Indonesia PT                                               | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $204600.00    | 0.01%             | 2052-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HomeVi S.a.S.                                           | HomeVi SaS 2025 EUR Term Loan B                                     | CUSIP: 000000000<br>LEI: 9695001URJB6VUATPK20 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1176539.65   | 0.07%             | 2029-10-31      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | 5Y RTR 3.100000 18-NOV-2025                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  -23660000 | OU      | $-36095.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                              | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     395000 | PA      | $349180.00    | 0.02%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       6853 | PA      | $3587.55      | 0.00%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ROTOR ACQUI                                             | ROTOR ACQUI ROTOR ACQUISITION                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      25291 | NS      | $5070.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo I Ltd                                                  | CUSIP: 96467CAC1<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $613222.50    | 0.04%             | 2036-07-24      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                     | Avianca Midco 2 PLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     109000 | PA      | $108727.50    | 0.01%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LESSEN HOLDINGS INC PREF                                | LESSEN HOLDINGS INC PREF                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      25831 | NS      | $12915.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     274000 | PA      | $336610.43    | 0.02%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | SWAP/CDSWAP/SCDS: (ETLFP)                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | GB        |     101541 | OU      | $13622.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TRANE TECHNOLOGIES PLC                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |         -3 | NC      | $-405.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | AMAZON.COM INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -59 | NC      | $-15635.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LESSEN INC                                              | LESSEN INC                                                          | CUSIP: 527083AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2060036 | PA      | $1915833.48   | 0.12%             | 2028-01-05      | Variable      | 12.81%                | No            |                  3 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                     | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     200000 | PA      | $209000.00    | 0.01%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                      | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |     320000 | PA      | $4800.00      | 0.00%             | 2021-12-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                               | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     233000 | PA      | $249135.25    | 0.02%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                          | NRG Energy Inc                                                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       4984 | NS      | $807158.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                               | Alibaba Group Holding Ltd                                           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       3707 | NS      | $662552.11    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                  | MGM China Holdings Ltd                                              | CUSIP: 000000000<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |     250000 | PA      | $249845.00    | 0.02%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: GBP 4.122440 17-NOV-2028 SON                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6090535 | OU      | $60802.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                      | Bausch + Lomb Corp                                                  | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |      40000 | PA      | $41687.50     | 0.00%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II                                 | Alexander Funding Trust II                                          | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     130000 | PA      | $139004.80    | 0.01%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corp                                  | Boston Scientific Corp                                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     128567 | NS      | $12551996.21  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| INTRUM INV AND FIN                                      | Intrum Investments And Financing AB                                 | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |     116929 | PA      | $121183.57    | 0.01%             | 2028-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MCKESSON CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-1100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Arcano Euro CLO                                         | Arcano Euro Clo II DAC                                              | CUSIP: 000000000<br>LEI: 635400HGPOTPFZDKOF20 | Long             | ABS-CBDO         | CORP              | IE        |     160000 | PA      | $189549.45    | 0.01%             | 2039-07-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| ConnectWise LLC                                         | ConnectWise LLC 2021 Term Loan B                                    | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1199423 | PA      | $1200706.48   | 0.07%             | 2028-09-29      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                 | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     152000 | PA      | $140182.00    | 0.01%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2019-2 A PTT                                 | United Airlines 2019-2 Class A Pass Through Trust                   | CUSIP: 90932MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     218507 | PA      | $207378.96    | 0.01%             | 2028-05-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                       | Lam Research Corp                                                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       6051 | NS      | $810228.90    | 0.05%             |  |  |  | No            |                  1 | 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        |     762000 | PA      | $802538.40    | 0.05%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $442.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 12.945000 02-JAN-2029 BZD                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    6259431 | OU      | $-13146.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                       | INEOS Finance PLC                                                   | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     384000 | PA      | $446467.61    | 0.03%             | 2029-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EVgo Inc                                                | EVgo Inc                                                            | CUSIP: 30052F118<br>LEI: 254900NJU5Y3D9R42S26 | N/A              | DE               |  | US        |      40220 | NS      | $7645.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 10.122500 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |   17183520 | OU      | $-345127.31   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | UNITED AIRLINES HOLDINGS INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -362 | NC      | $-55205.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | AMAZON.COM INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -59 | NC      | $-15694.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 28-OCT-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   39746816 | OU      | $-15826.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                  | Spirit AeroSystems Inc                                              | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    1706000 | PA      | $1876248.56   | 0.12%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                              | Vonovia SE                                                          | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $235527.70    | 0.01%             | 2032-05-20      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                                   | Virgin Media O2 Vendor Financing Notes V DAC                        | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |     100000 | PA      | $138994.12    | 0.01%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                               | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11500000 | PA      | $11594736.66  | 0.71%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TESLA INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-6220.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF MONTENEGRO                                  | Montenegro Government International Bond                            | CUSIP: 000000000<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |     186000 | PA      | $213732.99    | 0.01%             | 2027-12-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | EUR P USD C @1.140000 EO                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |  -12476000 | OU      | $-498.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                         | Ocado Group PLC                                                     | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |     146000 | PA      | $197277.72    | 0.01%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DR HORTON INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         32 | NC      | $23840.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-B                                    | CUSIP: 64034QAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     340000 | PA      | $304569.62    | 0.02%             | 2062-04-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                        | Novo Nordisk A/S                                                    | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      30598 | NS      | $1703746.32   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Paramount Skydance Corp                                 | Paramount Skydance Corp                                             | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               | CORP              | US        |       3734 | NS      | $70647.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                                       | Toll Brothers Inc                                                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |       4111 | NS      | $567893.54    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | 5Y RTR 3.100000 14-NOV-2025                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -18980000 | OU      | $-25944.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | ISHARES IBOXX $ INV GRADE CORPORAT                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      21553 | OU      | $-2402512.91  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Henley CLO                                              | Henley CLO IV DAC                                                   | CUSIP: 000000000<br>LEI: 6354009HFM8XXW6PPK55 | Long             | ABS-CBDO         | CORP              | IE        |    1000000 | PA      | $1184201.50   | 0.07%             | 2034-04-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                                | Greenko Wind Projects Mauritius Ltd                                 | CUSIP: 000000000<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $203700.00    | 0.01%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | AMC NETWORKS CLASS A INC                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      27214 | OU      | $224243.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                     | Dolcetto Holdco SpA                                                 | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $118339.52    | 0.01%             | 2032-07-14      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BRIGHT MACHINES SERIES C                                | BRIGHT MACHINES SERIES C                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     472899 | NS      | $132411.72    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    1250000 | PA      | $1305806.25   | 0.08%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Jubilee CDO BV                                          | Jubilee CLO 2024-XXIX DAC                                           | CUSIP: 000000000<br>LEI: 635400VFSWKTVSOVPY94 | Long             | ABS-CBDO         | CORP              | IE        |     370000 | PA      | $438935.99    | 0.03%             | 2039-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Solaris Energy Infrastructure Inc                       | Solaris Energy Infrastructure Inc                                   | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      81514 | NS      | $3258114.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $1050.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                       | Clarios Global LP 2025 EUR Term Loan B                              | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    1000000 | PA      | $1178723.38   | 0.07%             | 2032-01-28      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | UNITED AIRLINES HOLDINGS INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        181 | NC      | $103170.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BCPE FLAVOR DEBT/ISSUER                                 | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc          | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     154000 | PA      | $161179.97    | 0.01%             | 2032-07-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-SCHATZ FUT DEC25                                               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         51 | NC      | $-6635.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                                | RELX PLC                                                            | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     145997 | NS      | $6975561.71   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (ITRAXX.XO.43.V1)                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     951315 | OU      | $121673.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | AUTODESK INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-4740.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.685000 02-OCT-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  115532900 | OU      | $-1388160.49  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CRH PLC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -32 | NC      | $-44160.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                                       | Genius Sports Ltd                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     140437 | NS      | $1738610.06   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                  | Telecom Italia Capital SA                                           | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      74000 | PA      | $81976.62     | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-1674.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WOM MOBILE SA                                           | WOM Mobile SA                                                       | CUSIP: 97810LAA7<br>LEI: 549300T600VUO0QJ3063 | Long             | DBT              | CORP              | CL        |      12617 | PA      | $12100.96     | 0.00%             | 2031-04-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                | CUSIP: 35908MAE0<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     700000 | PA      | $737982.70    | 0.05%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MICROSOFT CORP                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -104 | NC      | $-52260.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| INTRUM INV AND FIN                                      | Intrum Investments And Financing AB                                 | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      82902 | PA      | $85222.75     | 0.01%             | 2029-09-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                         | Maya SAS/Paris France                                               | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $124710.50    | 0.01%             | 2031-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | COMMUNITY BANK SYSTEM INC                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       1416 | OU      | $-83034.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.300000 20-MAR-2029 INR                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   76914964 | OU      | $18962.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                              | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     226000 | PA      | $233627.50    | 0.01%             | 2032-02-12      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIR 2015-1 PTT A                                 | Spirit Airlines Pass Through Trust 2015-1A                          | CUSIP: 84858DAA6<br>LEI: 549300DCAFIXFNFR3304 | Long             | DBT              | CORP              | US        |      47117 | PA      | $44704.08     | 0.00%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SONDER WARRANTS 5 YR                                    | SONDER WARRANTS 5 YR                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     261005 | NS      | $143552.65    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -52 | NC      | $-80210.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SNORKEL AI INC                                          | SNORKEL AI INC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      45203 | NS      | $345350.92    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.481000 23-JAN-2028                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   27288744 | OU      | $111188.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                          | Microsoft Corp                                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     108244 | NS      | $56064979.80  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | WALT DISNEY CO/THE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-475.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                       | Suncor Energy Inc                                                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      87340 | NS      | $3655013.01   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | RHEINMETALL AG                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |          6 | NC      | $1303.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | 2Y RTR 2.850000 22-DEC-2025                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        | -107738000 | OU      | $-72031.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                                | Itelyum Regeneration Spa                                            | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119447.14    | 0.01%             | 2030-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.650000 02-NOV-2054 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   31109500 | OU      | $1825647.18   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                      | Vertiv Holdings Co                                                  | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      47945 | NS      | $7232982.70   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                   | Muangthai Capital PCL                                               | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     200000 | PA      | $202500.00    | 0.01%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 2.340000 19-JAN-2033                                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |    7414000 | OU      | $-70087.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                       | Chile Government International Bond                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     111000 | PA      | $133333.92    | 0.01%             | 2032-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                             | PUERTO RICO CMWLTH                                                  | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    4583513 | PA      | $2691565.36   | 0.17%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         81 | NC      | $172732.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurium CLO                                              | Aurium CLO VII DAC                                                  | CUSIP: 000000000<br>LEI: 549300V2IBKMYWMKX423 | Long             | ABS-CBDO         | CORP              | IE        |     100000 | PA      | $118769.86    | 0.01%             | 2038-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TESLA INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-44625.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-931.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $340.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMPCLOUD INC                                           | JUMPCLOUD INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1125428 | NS      | $2656010.08   | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Century Communities Inc                                 | Century Communities Inc                                             | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      15990 | NS      | $1013286.30   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bullish                                                 | Bullish                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      30650 | NS      | $1949646.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VERGE COMMON EQ                                         | VERGE COMMON EQ                                                     | CUSIP: 000000000<br>LEI: 549300Y1L2KQEZ7TU221 | Long             | EC               | CORP              | US        |     341505 | NS      | $64885.95     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RINGCENTRAL INC                                         | RingCentral Inc                                                     | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    1430000 | PA      | $1521567.19   | 0.09%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                         | Amber Finco PLC                                                     | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |     573000 | PA      | $707077.35    | 0.04%             | 2029-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                                      | Intrum Investments And Financing AB                                 | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      65455 | PA      | $66903.83     | 0.00%             | 2030-09-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                | Aston Martin Capital Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     285000 | PA      | $372694.24    | 0.02%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| 10X FUTURE TECHNOLOGIES SERVICES LTD                    | 10X FUTURE TECHNOLOGIES SERVICES LTD                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |     137950 | NS      | $77922.13     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THINK & LEARN PVT LTD                                   | THINK & LEARN PVT LTD                                               | CUSIP: 000000000<br>LEI: 2549006XBBGEQL8H6M81 | Long             | EC               | CORP              | IN        |       2279 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stryker Corp                                            | Stryker Corp                                                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      24421 | NS      | $9027711.07   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AIR 2017-1 PTT A                                 | Spirit Airlines Pass Through Trust 2017-1A                          | CUSIP: 84858XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1396907 | PA      | $1273227.17   | 0.08%             | 2030-02-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BHAR                                                      | CUSIP: 12659VAN0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1478691.90   | 0.09%             | 2038-11-15      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                                  | Trane Technologies PLC                                              | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      22336 | NS      | $9424898.56   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | TESLA INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-22162.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE DATA STORAGE TECH                               | SEAGATE DATA STORAGE TECH                                           | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     550000 | PA      | $622971.25    | 0.04%             | 2032-12-01      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| IFCO MANAGEMENT GMBH                                    | IFCO Management GmbH 2024 EUR 1st Lien Term Loan B                  | CUSIP: 000000000<br>LEI: 529900W6COKZG9FWRZ51 | Long             | LON              | CORP              | DE        |    1000000 | PA      | $1177819.37   | 0.07%             | 2029-11-29      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED INR / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | IN        |          1 | NC      | $-6754.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                    | CUSIP: 21987DAH7<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |     200000 | PA      | $205600.00    | 0.01%             | 2030-05-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital Europe CLO                            | Anchorage Capital Europe CLO 2021-4 DAC                             | CUSIP: 000000000<br>LEI: 635400DODOOELVF8BK72 | Long             | ABS-CBDO         | CORP              | IE        |     868000 | PA      | $1029052.01   | 0.06%             | 2034-04-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 23-JAN-2030 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13498200 | OU      | $303343.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTS EUROPE SA                                         | PARTS EUROPE SA 2025 EUR REPRICED TERM LOAN B                       | CUSIP: 000000000<br>LEI: 969500DL3O9K7T2M4M15 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1177537.59   | 0.07%             | 2031-02-03      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                                  | India Cleantech Energy                                              | CUSIP: 000000000<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |     189750 | PA      | $187947.38    | 0.01%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                             | NVIDIA Corp                                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     230545 | NS      | $43015086.10  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                    | IHO Verwaltungs GmbH                                                | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     249000 | PA      | $316442.33    | 0.02%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| URSA MAJOR TECHNOLOGIES INC                             | URSA MAJOR TECHNOLOGIES INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     290420 | NS      | $1286560.60   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chevron Corp                                            | Chevron Corp                                                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      45738 | NS      | $7102654.02   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | AMC NETWORKS CLASS A INC                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      55495 | OU      | $457278.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -22 | NC      | $-10780.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.00000 08-APR-2029 SOF                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   21208316 | OU      | $416790.96    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CNY                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |          1 | NC      | $10301.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     248000 | PA      | $229476.88    | 0.01%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EIRCOM FINANCE DAC                                      | eircom Finance DAC                                                  | CUSIP: 000000000<br>LEI: 254900NA4DUH50UERM85 | Long             | DBT              | CORP              | IE        |     223000 | PA      | $268168.28    | 0.02%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                           | CUSIP: 401494AX7<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     210000 | PA      | $230580.00    | 0.01%             | 2032-10-04      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAMECO CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -19 | NC      | $-5405.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OT MIDCO LTD                                            | OT Midco Ltd                                                        | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1792000 | PA      | $1210684.11   | 0.07%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     807000 | PA      | $800399.12    | 0.05%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | SPDR BLOOMBERG HIGH YIELD BOND ETF                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |      49732 | OU      | $-4873238.68  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                 | Aroundtown Finance Sarl                                             | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     271000 | PA      | $335512.05    | 0.02%             | 2030-01-16      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                    | CUSIP: 00164VAJ2<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     655000 | PA      | $623887.50    | 0.04%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG                                   | DEMIRE Deutsche Mittelstand Real Estate AG                          | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |     352303 | PA      | $389059.82    | 0.02%             | 2027-12-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MICRON TECHNOLOGY INC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-5662.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rockford Tower Europe CLO                               | Rockford Tower Europe Clo 2025-1 DAC                                | CUSIP: 000000000<br>LEI: 635400NARJYDXJRPGF02 | Long             | ABS-CBDO         | CORP              | IE        |     290000 | PA      | $342456.63    | 0.02%             | 2037-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -21 | NC      | $-3286.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                   | CUSIP: 25470MAF6<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    1800000 | PA      | $1773654.91   | 0.11%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -191 | NC      | $-84995.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Median B V                                              | Median B V 2021 EUR Term Loan B1                                    | CUSIP: 000000000<br>LEI: 724500RPUQI0L3Z5NX16 | Long             | LON              | CORP              | NL        |     981818 | PA      | $1153061.41   | 0.07%             | 2027-10-14      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Latch Inc                                               | Latch Inc                                                           | CUSIP: 51818V114<br>LEI: N/A                  | N/A              | DE               |  | US        |      10196 | NS      | $1.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Alphabet Inc                                            | Alphabet Inc                                                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     126339 | NS      | $30769863.45  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                 | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $117451.42    | 0.01%             | 2030-03-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF LATVIA                                      | Latvia Government International Bond                                | CUSIP: 518417AD2<br>LEI: 25490002QDEB2KTLNK39 | Long             | DBT              | NUSS              | LV        |     201000 | PA      | $206013.78    | 0.01%             | 2034-07-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     196000 | PA      | $239479.71    | 0.01%             | 2032-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.400000 31-OCT-2028 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13191416 | OU      | $398099.12    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                     | AUST 10Y BOND FUT DEC25                                             | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |        136 | NC      | $-9570.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                               | BlackRock Liquidity Funds: T-Fund, Institutional Shares             | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   35321631 | NS      | $35321631.25  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KRONOS INTERNATIONAL INC                                | Kronos International Inc                                            | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |     100000 | PA      | $123723.85    | 0.01%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED MXN / SOLD USD                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |          1 | NC      | $25720.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         25 | NC      | $32562.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | TRSWAP: HYG US EQUITY                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    2835974 | OU      | $-5245.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.337000 20-MAR-2034 INR                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   25865376 | OU      | $8324.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        121 | NC      | $191180.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INEOS FINANCE PLC                                       | Ineos Finance PLC 2024 EUR 1st Lien Term Loan B                     | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1097373.41   | 0.07%             | 2031-06-23      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.660000 10-OCT-2034 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8495750 | OU      | $-38881.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JUMPCLOUD INC                                           | JUMPCLOUD INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      74023 | NS      | $174694.28    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                      | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |     335000 | PA      | $376053.60    | 0.02%             | 2030-07-18      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | 30Y RTR 3.150000 26-NOV-2025                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -11435000 | OU      | $-4533.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ASML HOLDING NV                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | NL        |         19 | NC      | $258020.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD MXN                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-42187.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                    | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     389000 | PA      | $407234.38    | 0.02%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAPITAL ONE FINANCIAL CORP                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -30 | NC      | $-7650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PCF GMBH                                                | PCF GmbH                                                            | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |     104000 | PA      | $94261.22     | 0.01%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NETFLIX INC                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -1 | NC      | $-1390.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                          | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     144000 | PA      | $146127.07    | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                   | PURCHASED CHF / SOLD USD                                            | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | CH        |          1 | NC      | $14.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOEING CO/THE                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -18 | NC      | $-5625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                      | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     369000 | PA      | $353938.19    | 0.02%             | 2081-11-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HAWKEYE 360 0.01 WTS                                    | HAWKEYE 360 0.01 WTS                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     124337 | NS      | $1326675.79   | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                               | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     200000 | PA      | $201440.00    | 0.01%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -14 | NC      | $-20685.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                      | Walt Disney Co/The                                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      61718 | NS      | $7066711.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                               | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   86126000 | PA      | $83529977.19  | 5.12%             | 2055-10-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |      74519 | PA      | $74891.60     | 0.00%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                   | DirecTV Financing LLC 2025 Term Loan B                              | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2044770 | PA      | $1996206.71   | 0.12%             | 2031-02-17      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                | First Citizens BancShares Inc/NC                                    | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    1566000 | PA      | $1586470.75   | 0.10%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 0.020000 26-AUG-2031                                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |    9317157 | OU      | $1475218.35   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC European Funding CLO                               | CIFC European Funding CLO III DAC                                   | CUSIP: 000000000<br>LEI: 5493000EF0244RPYUG32 | Long             | ABS-CBDO         | CORP              | IE        |     700000 | PA      | $829114.95    | 0.05%             | 2034-01-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Playstudios Inc                                         | Playstudios Inc                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     226924 | NS      | $218437.04    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                | Marsh & McLennan Cos Inc                                            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      53595 | NS      | $10801000.35  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | CITIGROUP INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -50 | NC      | $-33750.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                             | Walmart Inc                                                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     202079 | NS      | $20826261.74  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     514000 | PA      | $586825.17    | 0.04%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds             | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     475000 | PA      | $380456.00    | 0.02%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Medical Solutions Holdings Inc                          | Medical Solutions Holdings Inc 2021 2nd Lien Term Loan              | CUSIP: 58462QAM3<br>LEI: 549300JH2XHZ7TIKYR39 | Long             | LON              | CORP              | US        |    1052000 | PA      | $212156.84    | 0.01%             | 2029-11-01      | Floating      | 11.41%                | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                            | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116524.53    | 0.01%             | 2031-01-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Compass Group PLC                                       | Compass Group PLC                                                   | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     196450 | NS      | $6696142.84   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                               | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      21643 | PA      | $10442.75     | 0.00%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.070000 14-JAN-2027 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   36165000 | OU      | $149391.73    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                          | DATABRICKS INC                                                      | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             | EP               | CORP              | US        |      40470 | NS      | $6070500.00   | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ServiceTitan Inc                                        | ServiceTitan Inc                                                    | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      10244 | NS      | $1032902.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LUNE HOLDINGS SARL                                      | Lune Holdings Sarl                                                  | CUSIP: 000000000<br>LEI: 54930003WQ56T0558M33 | Long             | DBT              | CORP              | LU        |     305000 | PA      | $110606.69    | 0.01%             | 2028-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                             | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     329291 | PA      | $444755.66    | 0.03%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWP: OIS 10.025000 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   14157917 | OU      | $-289437.54   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                               | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     200000 | PA      | $207375.00    | 0.01%             | 2028-03-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     276000 | PA      | $335671.64    | 0.02%             | 2029-01-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.052000 09-APR-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   16044184 | OU      | $345990.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MongoDB Inc                                             | MongoDB Inc                                                         | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |       2976 | NS      | $923690.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |          1 | NC      | $-291859.27   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FOMENTO ECONOMICO MEX                                   | Fomento Economico Mexicano SAB de CV                                | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | DBT              | CORP              | MX        |     500000 | PA      | $586066.54    | 0.04%             | 2026-02-24      | Fixed         | 2.63%                 | No            |                  1 | On Loan: No      |
| LD CELULOSE INTERNATIONA                                | LD Celulose International GmbH                                      | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |     200000 | PA      | $211200.00    | 0.01%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | HILTON WORLDWIDE HOLDINGS INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -7 | NC      | $-420.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD HKD                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $1833.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.347000 20-MAR-2034 INR                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   25865376 | OU      | $8514.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | JPMORGAN CHASE + CO                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -31 | NC      | $-11625.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |          1 | NC      | $894.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                           | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     230000 | PA      | $243570.00    | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                             | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     243000 | PA      | $254542.50    | 0.02%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAUSCH & LOMB NL BV/INC                                 | Bausch + Lomb Netherlands BV and Bausch & Lomb Inc                  | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | XX        |     100000 | PA      | $118955.52    | 0.01%             | 2031-01-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                 | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     200000 | PA      | $175750.00    | 0.01%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HESTIAFLOOR 2                                           | Hestiafloor 2 2025 EUR Term Loan B                                  | CUSIP: 000000000<br>LEI: 969500P2FDMGGWHDLV86 | Long             | LON              | CORP              | FR        |     588236 | PA      | $694866.17    | 0.04%             | 2030-02-27      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | AMAZON.COM INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -64 | NC      | $-17664.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC 2019 Term Loan B5                                  | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |     573267 | PA      | $554096.64    | 0.03%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                                     | Ithaca Energy North Sea PLC                                         | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $208953.20    | 0.01%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC                                    | Frontier Florida LLC                                                | CUSIP: 362333AH9<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     845000 | PA      | $881588.50    | 0.05%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                                      | Cellnex Telecom SA                                                  | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     159693 | NS      | $5531355.62   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                                 | Veolia Environnement SA                                             | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $117638.23    | 0.01%             | 2032-10-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-E                                     | CUSIP: 009740AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11786850 | PA      | $404726.26    | 0.02%             | 2060-12-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED JPY / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | JP        |          1 | NC      | $-1285.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                 | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |     251000 | PA      | $294361.03    | 0.02%             | 2027-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -40 | NC      | $-27800.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | INTEL CORP                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -285 | NC      | $-38047.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Brazil ETF                                 | iShares MSCI Brazil ETF                                             | CUSIP: 464286400<br>LEI: 5493006D2L7KY3ZDF809 | Long             | EC               | RF                | US        |      13963 | NS      | $432853.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SASOL Financing USA LLC                                 | Sasol Financing USA LLC                                             | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199062.00    | 0.01%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DARLING GLOBAL FINANCE                                  | Darling Global Finance BV                                           | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |     196000 | PA      | $232329.28    | 0.01%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $343568.47    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SPEED MIDCO 3 SARL                                      | SPEED MIDCO 3 SARL 2025 EUR TERM LOAN                               | CUSIP: 000000000<br>LEI: 2549003UA52U0RYFOG67 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1174050.66   | 0.07%             | 2032-09-23      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                                 | Gatwick Airport Finance PLC                                         | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |     239000 | PA      | $319885.94    | 0.02%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PROJECT MONTELENA                                       | PROJECT MONTELENA                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    4050898 | PA      | $4345996.04   | 0.27%             | 2030-06-20      | Fixed         | 10.25%                | No            |                  3 | On Loan: No      |
| SCENTRE GROUP TRST 1                                    | Scentre Group Trust 1                                               | CUSIP: 000000000<br>LEI: 549300SQ859FBKRKSI77 | Long             | DBT              |  | AU        |     430000 | PA      | $280857.68    | 0.02%             | 2035-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                | Bellis Acquisition Co PLC                                           | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |     333000 | PA      | $396774.42    | 0.02%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                                       | Motion Finco Sarl                                                   | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | DBT              | CORP              | LU        |     201000 | PA      | $212582.55    | 0.01%             | 2030-06-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING AG                             | Nidda Healthcare Holding AG 2025 EUR Term Loan B                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | LON              | CORP              | DE        |    1439394 | PA      | $1692676.05   | 0.10%             | 2030-02-21      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -191 | NC      | $-119375.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ISHARES IBOXX HIGH YIELD COR                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -650 | NC      | $-11700.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ECHOSTAR CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -131 | NC      | $-30457.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | HILTON WORLDWIDE HOLDINGS INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-900.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DREAM FINDERS HOMES INC                                 | DREAM FINDERS HOMES INC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      10172 | NS      | $10095710.00  | 0.62%             |  |  |  | No            |                  3 | On Loan: No      |
| Amentum Holdings Inc                                    | Amentum Holdings Inc                                                | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |      33844 | NS      | $810563.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SONDER HOLDINGS INC                                     | SONDER HOLDINGS INC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      37498 | NS      | $47622.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -101 | NC      | $-24694.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        179 | NC      | $497719.62    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                               | Palantir Technologies Inc                                           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      18885 | NS      | $3445001.70   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -26 | NC      | $-39910.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $127.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BUBBLES BIDCO SPA                                       | Bubbles Bidco SPA                                                   | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     231000 | PA      | $273290.55    | 0.02%             | 2031-09-30      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-VIEW                                                  | CUSIP: 05606GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     614000 | PA      | $613625.40    | 0.04%             | 2036-06-15      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                    | Dynamo Newco II GmbH                                                | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |     118000 | PA      | $143645.04    | 0.01%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                          | NIKKEI 225 (OSE) DEC25                                              | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         48 | NC      | $485376.81    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | 5Y RTP 3.550000 12-DEC-2025                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -25403000 | OU      | $-78714.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | EQT CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -31 | NC      | $-1271.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | PALANTIR TECHNOLOGIES INC                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -1 | NC      | $-1387.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $226.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $224.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Redstone Holdco 2 LP                                    | Redstone Holdco 2 LP 2021 2nd Lien Term Loan                        | CUSIP: 75774EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     620000 | PA      | $124620.00    | 0.01%             | 2029-04-27      | Floating      | 12.32%                | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo I Ltd                                                  | CUSIP: 96467FBC3<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250657.30    | 0.02%             | 2036-07-24      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                                           | Sona Fios Clo III DAC                                               | CUSIP: 000000000<br>LEI: 635400CQGC8D7FRXGH67 | Long             | ABS-CBDO         | CORP              | IE        |     470000 | PA      | $557687.25    | 0.03%             | 2037-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2021-R2                                  | CUSIP: 92538DAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2735000 | PA      | $2206847.43   | 0.14%             | 2064-02-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | INTUITIVE SURGICAL INC                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-1960.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                            | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     500000 | PA      | $518603.20    | 0.03%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Crown PropTech Acquisitions                             | Crown PropTech Acquisitions                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | KY        |      44352 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | ORACLE CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -293 | NC      | $-366250.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.400000 08-APR-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   43825033 | OU      | $117406.12    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -25 | NC      | $-6462.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                          | SEAGATE DATA STOR                                                   | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     326000 | PA      | $345122.51    | 0.02%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FORMENTERA PARTNERS FUND II                             | FORMENTERA PARTNERS FUND II                                         | CUSIP: 000000000<br>LEI: 549300X3TYEO4J8HWR30 | Long             | EC               | CORP              | US        |    3822295 | NS      | $3134281.90   | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| VERSA NETWORKS INC                                      | VERSA NETWORKS INC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    1681498 | NS      | $10004913.10  | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIR FRANCE-KLM                                          | Air France-KLM                                                      | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $239606.42    | 0.01%             | 2030-05-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                   | Freedom Mortgage Corp                                               | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     200000 | PA      | $223108.40    | 0.01%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 9.040000 14-NOV-2029 TII                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   81547600 | OU      | $291100.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY PTE LTD                                | CONTINUUM ENERGY PTE LTD                                            | CUSIP: 211926AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     852781 | PA      | $852781.00    | 0.05%             | 2027-09-11      | Variable      | 12.85%                | No            |                  3 | On Loan: No      |
| TJX Cos Inc/The                                         | TJX Cos Inc/The                                                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      74209 | NS      | $10726168.86  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW IMMO HOLDING SA                                     | New Immo Holding SA                                                 | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $237606.02    | 0.01%             | 2028-12-08      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                           | RCI Banque SA                                                       | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $238908.04    | 0.01%             | 2037-03-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BANK OF AMERICA CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -44 | NC      | $-1210.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox CLO III Ltd                                                | CUSIP: 96467JAE2<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499771.05    | 0.03%             | 2035-10-15      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                                   | BOOTS GROUP BIDCO LTD GBP TERM LOAN B                               | CUSIP: 000000000<br>LEI: 254900Q2CMXV6QWMW891 | Long             | LON              | CORP              | GB        |    1159420 | PA      | $1570031.35   | 0.10%             | 2032-08-30      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD DKK                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-14492.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                 | Mong Duong Finance Holdings BV                                      | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     169400 | PA      | $167494.16    | 0.01%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.450000 09-APR-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   16044184 | OU      | $51363.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                               | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      28666 | PA      | $25413.57     | 0.00%             | 2030-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                               | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     812000 | PA      | $808095.90    | 0.05%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/SCDS: (ETLFP)                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     143000 | OU      | $19368.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $124834.45    | 0.01%             | 2033-07-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HERENS MIDCO SARL                                       | Herens Midco Sarl                                                   | CUSIP: 000000000<br>LEI: 222100BJH5XPZD1JHF79 | Long             | DBT              | CORP              | LU        |     490000 | PA      | $330667.69    | 0.02%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DSV A/S                                                 | DSV A/S                                                             | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      23902 | NS      | $4774915.33   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ISHARES CHINA LARGE-CAP ETF                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -2855 | NC      | $-21412.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                      | USD P IDR C @16000.00 EO                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -4659000 | OU      | $-6284.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                     | Intesa Sanpaolo SpA                                                 | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    1839986 | NS      | $12179194.64  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.660000 10-OCT-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12615468 | OU      | $38895.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2007-AHL2                             | CUSIP: 17312TAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3885947 | PA      | $2625024.82   | 0.16%             | 2037-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD ZAR                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-27710.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/NC                        | First Citizens BancShares Inc/NC                                    | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |        228 | NS      | $407928.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                              | CUSIP: 000000000<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     500000 | PA      | $509759.50    | 0.03%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                                      | PrestigeBidCo GmbH                                                  | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |     236000 | PA      | $278648.09    | 0.02%             | 2029-07-01      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |          1 | NC      | $89089.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (ITRAXX.XO.42.V1)                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   23079409 | OU      | $2779002.17   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592EBT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11205076 | PA      | $256121.14    | 0.02%             | 2051-06-25      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                            | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $246538.80    | 0.02%             | 2032-06-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                                     | TransDigm Group Inc                                                 | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4093 | NS      | $5394655.86   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                             | Netflix Inc                                                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       4619 | NS      | $5537811.48   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Q-PARK HOLDING I BV                                     | Q-Park Holding I BV                                                 | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |     456000 | PA      | $552978.03    | 0.03%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Amkor Technology Inc                                    | Amkor Technology Inc                                                | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     299000 | PA      | $299086.41    | 0.02%             | 2027-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                              | Mahle GmbH                                                          | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |     489000 | PA      | $594293.20    | 0.04%             | 2031-05-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/CDS: (ITRAXX.XO.42.V2 20-35%)                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     662000 | OU      | $108629.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.050000 18-APR-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   25216354 | OU      | $-14461.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |      32075 | PA      | $32235.38     | 0.00%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -58 | NC      | $-70905.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Grand Harbour CLO                              | Fidelity Grand Harbour Clo 2023-1 DAC                               | CUSIP: 000000000<br>LEI: 635400GMXFDXRDDHLG52 | Long             | ABS-CBDO         | CORP              | IE        |     300000 | PA      | $350332.93    | 0.02%             | 2038-02-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: USD 4.1485 30-MAY-2027 SOF                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   30152868 | OU      | $310519.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: USD 3.4459 26-JAN-2028 SOF                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   24492745 | OU      | $-84383.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (VST)                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |      80000 | OU      | $15153.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                                  | Intuitive Surgical Inc                                              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      13642 | NS      | $6101111.66   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $177.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MCDONALD'S CORP                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -53 | NC      | $-13303.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                | Vista Energy Argentina SAU                                          | CUSIP: 92841RAB6<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |     102000 | PA      | $103938.00    | 0.01%             | 2033-06-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | TRSWAP: LQD US EQUITY                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    7444566 | OU      | $-11543.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                               | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9557000 | PA      | $8392968.58   | 0.51%             | 2055-10-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | ESTX BANKS (EUR) PR                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -201 | NC      | $-18583.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FANUC Corp                                              | FANUC Corp                                                          | CUSIP: 000000000<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |         15 | NS      | $431.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ares Euro CLO                                           | Ares European CLO XII DAC                                           | CUSIP: 000000000<br>LEI: 635400XCOLUI5RNVIZ11 | Long             | ABS-CBDO         | CORP              | IE        |     875000 | PA      | $1031332.11   | 0.06%             | 2032-04-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| EPIC GAMES INC                                          | EPIC GAMES INC                                                      | CUSIP: 000000000<br>LEI: 549300I2RHITL4UP9K78 | Long             | EC               | CORP              | US        |       2824 | NS      | $1975162.08   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SCREAMING EAGLE ACQUISITION CORP                        | SCREAMING EAGLE ACQUISITION CORP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     115000 | NS      | $785272.90    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                     | New Immo Holding SA                                                 | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $121224.73    | 0.01%             | 2028-04-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Promontoria Beech Designated Activity Co                | Promontoria Beech Designated Activity Co EUR Term Loan              | CUSIP: 000000000<br>LEI: 54930082UZ8R6QVSNJ70 | Long             | LON              | CORP              | IE        |    1051368 | PA      | $1234359.74   | 0.08%             | 2027-05-17      | Floating      | 5.63%                 | No            |                  3 | On Loan: No      |
| ZEGONA FINANCE PLC                                      | Zegona Finance PLC                                                  | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     654800 | PA      | $813874.83    | 0.05%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MICROSOFT CORP                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -34 | NC      | $-13005.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     100000 | PA      | $119533.62    | 0.01%             | 2038-03-19      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 10.032500 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |   12634804 | OU      | $-261277.52   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                          | Mastercard Inc                                                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      28760 | NS      | $16358975.60  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELECTRIC SE                                   | Schneider Electric SE                                               | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $474283.63    | 0.03%             | 2033-09-23      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| STAKEHOLDER MIDSTREAM LLC                               | STAKEHOLDER MIDSTREAM LLC TERM LOAN                                 | CUSIP: 000000000<br>LEI: 254900BG1PE2KGG26017 | Long             | LON              | CORP              | US        |    2486768 | PA      | $2489875.96   | 0.15%             | 2031-01-01      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592EBQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  175468132 | PA      | $1130944.75   | 0.07%             | 2051-06-25      | Variable      | 0.12%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                  | Froneri Lux FinCo SARL                                              | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     151000 | PA      | $178843.21    | 0.01%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arkema SA                                               | Arkema SA                                                           | CUSIP: 000000000<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      20886 | NS      | $1324340.91   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcano Euro CLO                                         | Arcano Euro CLO I DAC                                               | CUSIP: 000000000<br>LEI: 635400KVFUOP733LMF93 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $417446.15    | 0.03%             | 2039-04-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        195 | NC      | $312975.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANGKOK BANK PCL/HK                                     | Bangkok Bank PCL/Hong Kong                                          | CUSIP: 059895AW2<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |     241000 | PA      | $246873.17    | 0.02%             | 2028-09-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY AURA                                   | Continuum Energy Aura Pte Ltd                                       | CUSIP: 000000000<br>LEI: 984500AB52D7C8GC2E33 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $206188.00    | 0.01%             | 2027-02-24      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co                  | Prodigy Finance CM2021-1 DAC                                        | CUSIP: 742857AA3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |      57820 | PA      | $59541.85     | 0.00%             | 2051-07-25      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| NEW YORK COMMUNITY BANCORP INC                          | NEW YORK COMMUNITY BANCORP INC                                      | CUSIP: 000000000<br>LEI: 529900HVXOTLY61GL030 | N/A              | DE               |  | US        |        550 | NS      | $1146876.50   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Broadcom Inc                                            | Broadcom Inc                                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      67195 | NS      | $22168302.45  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                   | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     174000 | PA      | $167214.00    | 0.01%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                    | Bank of America Corp                                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     305347 | NS      | $15752851.73  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                      | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |     520000 | PA      | $5850.00      | 0.00%             | 2022-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SES SA                                                  | SES SA                                                              | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $122237.52    | 0.01%             | 2033-06-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                                | ContourGlobal Power Holdings SA                                     | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |     162000 | PA      | $194691.57    | 0.01%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hippo Holdings Inc                                      | Hippo Holdings Inc                                                  | CUSIP: 433539111<br>LEI: N/A                  | N/A              | DE               |  | US        |      11689 | NS      | $75.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                               | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   74731000 | PA      | $68268352.05  | 4.19%             | 2055-10-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TAIWAN SEMICONDUCTOR MANUFACTU                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | TW        |        -23 | NC      | $-58592.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-5916.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palladyne AI Corp                                       | Palladyne AI Corp                                                   | CUSIP: 80359A205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       7517 | NS      | $64571.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                             | Cameco Corp                                                         | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     173826 | NS      | $14577048.36  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BARBADOS GOVT OF                                        | Barbados Government International Bond                              | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |     135000 | PA      | $140602.50    | 0.01%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                               | Tesla Inc                                                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      24905 | NS      | $11075751.60  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | INTUIT INC                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         15 | NC      | $37425.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Data AG                                        | Northern Data AG                                                    | CUSIP: 000000000<br>LEI: 391200LB6JA3HAQWTS32 | Long             | EC               | CORP              | DE        |       4783 | NS      | $98937.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                      | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     323750 | PA      | $262237.50    | 0.02%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 4.169300 23-OCT-2026 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   19696200 | OU      | $113224.47    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                            | ING Groep NV                                                        | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |      62974 | NS      | $1650911.27   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | 3 MONTH SOFR FUT DEC25                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         27 | NC      | $21562.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                      | Home Depot Inc/The                                                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      29553 | NS      | $11974580.07  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MasOrange Finco Plc                                     | MasOrange Finco Plc 2025 EUR Term Loan B                            | CUSIP: 000000000<br>LEI: 549300PONZMYNJTH6970 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1172794.43   | 0.07%             | 2031-03-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED USD / SOLD AUD                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |          1 | NC      | $-1554.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (BA)                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |     800000 | OU      | $-14279.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-F                                     | CUSIP: 009703AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3268746 | PA      | $3266320.65   | 0.20%             | 2061-06-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                              | Intel Corp                                                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      28500 | NS      | $956175.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 24-APR-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12603836 | OU      | $252874.45    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    4216000 | OU      | $-342477.98   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        123 | NC      | $107317.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CA MAGNUM HOLDINGS                                      | CA Magnum Holdings                                                  | CUSIP: 000000000<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $199025.00    | 0.01%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAPITAL ONE FINANCIAL CORP                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -8 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 4.072500 03-NOV-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   19787130 | OU      | $275227.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | AUTODESK INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-1530.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Henley Funding Ltd.                                     | Henley Clo Xi DAC                                                   | CUSIP: 000000000<br>LEI: 6354004ZEQIYPXESRG76 | Long             | ABS-CBDO         | CORP              | IE        |     330000 | PA      | $389868.81    | 0.02%             | 2039-04-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                   | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     284000 | PA      | $334165.93    | 0.02%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| National Stock Exchange Of India                        | IFSC NIFTY 50 FUT OCT25                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |         40 | NC      | $-4319.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox CLO III Ltd                                                | CUSIP: 96467HAU0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $504007.35    | 0.03%             | 2035-10-15      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | WELLS FARGO + CO                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -76 | NC      | $-3876.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                               | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |     200000 | PA      | $213558.00    | 0.01%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SALESFORCE INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3620.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                | Solaris Energy Infrastructure Inc                                   | CUSIP: 83419XAA6<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |    2286000 | PA      | $4091724.04   | 0.25%             | 2030-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     257000 | PA      | $252111.65    | 0.02%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Lavoro Ltd                                              | Lavoro Ltd                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | KY        |      25681 | NS      | $970.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES INC                                           | LGI Homes Inc                                                       | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     867000 | PA      | $846560.48    | 0.05%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BROADCOM INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -95 | NC      | $-139650.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | BANK OF AMERICA CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -122 | NC      | $-11895.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CZECHOSLOVAK GROUP                                      | Czechoslovak Group AS                                               | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     225000 | PA      | $274727.86    | 0.02%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | TJX COS INC/THE                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -27 | NC      | $-1012.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | UNITED AIRLINES HOLDINGS INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -8 | NC      | $-2436.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                      | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     218000 | PA      | $256685.85    | 0.02%             | 2031-07-31      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                           | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     303000 | PA      | $212290.89    | 0.01%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | USD P MXN C @18.00000 EO                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |   -4659000 | OU      | $-26570.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       1314 | NC      | $-6036.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | 30Y RTR 3.500000 30-OCT-2025                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   -7658000 | OU      | $-5215.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED TRY / SOLD USD                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $13120.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TVC DSCR 21 1 CERT                                      | TVC DSCR 21 1 CERT                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1322747 | PA      | $1133339.35   | 0.07%             | 2051-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                    | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    1617000 | PA      | $1406790.00   | 0.09%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SCHOEN KLINIK SE                                        | Schoen Klinik SE 2025 EUR Term Loan B                               | CUSIP: 000000000<br>LEI: 5299005C8FSZLNO2KW98 | Long             | LON              | CORP              | DE        |     666667 | PA      | $783921.85    | 0.05%             | 2031-01-12      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     139000 | PA      | $169925.32    | 0.01%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | WALT DISNEY CO/THE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-1520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | SWAP/CDSWAP/SCDS: (TITIM)                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | DE        |     190000 | OU      | $-163.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACHELBEL BIDCO SPA                                     | Pachelbel Bidco SpA                                                 | CUSIP: 000000000<br>LEI: 8156005DA07CDD50CC46 | Long             | DBT              | CORP              | IT        |     126000 | PA      | $149033.53    | 0.01%             | 2031-05-17      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MASTERCARD INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -16 | NC      | $-5336.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| INSIGHT M INC WARRANTS                                  | INSIGHT M INC WARRANTS                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    2012253 | NS      | $141461.39    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Palmer Square European Loan Funding                     | Palmer Square European Loan Funding 2024-2 DAC                      | CUSIP: 000000000<br>LEI: 254900G4AVDGFB7U1712 | Long             | ABS-CBDO         | CORP              | IE        |     250000 | PA      | $294280.55    | 0.02%             | 2034-05-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FIBER MIDCO SPA                                         | Fiber Midco Spa                                                     | CUSIP: 000000000<br>LEI: 8156000AFE5C06C4D309 | Long             | DBT              | CORP              | IT        |     196000 | PA      | $212724.57    | 0.01%             | 2029-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD TWD                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $203641.76    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                    | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     448000 | PA      | $414739.54    | 0.03%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Veritas US Inc                                          | Veritas US Inc 2024 Priority Term Loan                              | CUSIP: 000000000<br>LEI: 549300RFUWCPWS8FQ104 | Long             | LON              | CORP              | US        |     624803 | PA      | $630532.04    | 0.04%             | 2029-12-09      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Invesco Euro CLO                                        | Invesco Euro CLO V DAC                                              | CUSIP: 000000000<br>LEI: 5493004UWK07M4U35L23 | Long             | ABS-CBDO         | CORP              | IE        |    3150000 | PA      | $3701532.18   | 0.23%             | 2034-01-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                              | CD&R Firefly Bidco Limited 2025 GBP Term Loan                       | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1345598.82   | 0.08%             | 2029-04-29      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-OAT FUTURE DEC25                                               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -7 | NC      | $-11265.88    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC NATIONAL FINANCE                                | Pacific National Finance Pty Ltd                                    | CUSIP: 000000000<br>LEI: 213800SSTRDXLWWVF948 | Long             | DBT              | CORP              | AU        |     190000 | PA      | $129189.17    | 0.01%             | 2054-12-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 2.870000 11-JUN-2029 EUR                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12873713 | OU      | $346204.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      89000 | PA      | $106972.16    | 0.01%             | 2032-07-11      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                            | Apollo Global Management Inc                                        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      36436 | NS      | $4855825.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (VST)                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |     642000 | OU      | $7381.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PIONEER MIDCO 144A NOTES                                | PIONEER MIDCO 144A NOTES                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5367303 | PA      | $5380720.83   | 0.33%             | 2030-11-18      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | 30Y RTR 3.800000 30-OCT-2025                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    7658000 | OU      | $52519.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -25 | NC      | $-7625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         63 | NC      | $73867.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-215.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                            | CaixaBank SA                                                        | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |      84877 | NS      | $896463.74    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-E                                     | CUSIP: 009740AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     946005 | PA      | $525012.94    | 0.03%             | 2060-12-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Areas Worldwide SA                                      | Areas Worldwide SA 2025 EUR Term Loan B                             | CUSIP: 000000000<br>LEI: 5493003QHT6ZHQO67865 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1180531.42   | 0.07%             | 2029-12-31      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2021-A                              | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $783385.60    | 0.05%             | 2031-12-22      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                | Bayer AG                                                            | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     300000 | PA      | $361917.17    | 0.02%             | 2082-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                                     | Core Scientific Inc                                                 | CUSIP: 21874AAE6<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |     281000 | PA      | $314017.50    | 0.02%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 06-MAY-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   25231100 | OU      | $514660.60    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                   | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     149000 | PA      | $143869.93    | 0.01%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                                | Unipol Assicurazioni SpA                                            | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $247258.11    | 0.02%             | 2034-05-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HARVEST CLO                                             | HARVEST CLO                                                         | CUSIP: 000000000<br>LEI: 635400AU6OVIWCGACH33 | Long             | ABS-CBDO         | CORP              | IE        |     209000 | PA      | $249282.33    | 0.02%             | 2037-07-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD Trust 2020-EYP                                                 | CUSIP: 05493AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     790000 | PA      | $9875.79      | 0.00%             | 2035-10-15      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                           | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     223000 | PA      | $409651.00    | 0.03%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                 | CUSIP: 80413TBE8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     658000 | PA      | $593845.00    | 0.04%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regatta XX Funding Ltd                                  | Regatta XX Funding Ltd                                              | CUSIP: 75884YAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1505123.85   | 0.09%             | 2038-01-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                              | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     354000 | PA      | $352599.32    | 0.02%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                         | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     193000 | PA      | $194820.96    | 0.01%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PROVIDENT FINANCIAL SERVICES INC                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       5230 | OU      | $-100834.40   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3       | CUSIP: 35563PUB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7537884 | PA      | $3877706.14   | 0.24%             | 2060-05-25      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Cypher Bidco                                            | Cypher Bidco EUR Term Loan                                          | CUSIP: 000000000<br>LEI: 724500QFI7Z9PUJA5G68 | Long             | LON              | CORP              | NL        |    1827670 | PA      | $2092132.75   | 0.13%             | 2027-12-30      | Floating      | 6.20%                 | No            |                  3 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                            | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $274330.44    | 0.02%             | 2035-06-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SALESFORCE INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-5297.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TELENET FINANCE LUX NOTE                                | Telenet Finance Luxembourg Notes Sarl                               | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $198828.96    | 0.01%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD NOK                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $1130.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AGL ENERGY LTD                                          | AGL Energy Ltd                                                      | CUSIP: 000000000<br>LEI: 549300QAZ8A74DEDXO80 | Long             | DBT              | CORP              | AU        |     200000 | PA      | $132263.23    | 0.01%             | 2035-09-30      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Leonardo SpA                                            | Leonardo SpA                                                        | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |      11182 | NS      | $715499.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     200000 | PA      | $186125.00    | 0.01%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding                     | Palmer Square European Loan Funding 2024-3 DAC                      | CUSIP: 000000000<br>LEI: 254900IYUKLJNYNCCC63 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $260434.06    | 0.02%             | 2034-05-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL CAM/PLUS LOTE                                | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA                       | CUSIP: 72941KAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     155000 | PA      | $165447.00    | 0.01%             | 2036-07-03      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | JPMORGAN CHASE + CO                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -16 | NC      | $-17080.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                  | Volkswagen International Finance NV                                 | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $121839.63    | 0.01%             | 2033-11-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                    | Freeport-McMoRan Inc                                                | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     173864 | NS      | $6818946.08   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                          | ServiceNow Inc                                                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       3532 | NS      | $3250428.96   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $95.79        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD CHF                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-1681.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F84J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17996238 | PA      | $856455.37    | 0.05%             | 2029-12-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.000000 12-JAN-2034 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9940000 | OU      | $276812.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $-4317.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                       | Stonegate Pub Co Financing 2019 PLC                                 | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     123000 | PA      | $142308.78    | 0.01%             | 2029-07-31      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.470500 10-MAR-2027                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9910000 | OU      | $-56773.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                    | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $209375.00    | 0.01%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $121057.34    | 0.01%             | 2029-10-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                           | CUSIP: 000000000<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     179000 | PA      | $214950.22    | 0.01%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                                      | Intrum Investments And Financing AB                                 | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      66321 | PA      | $71829.63     | 0.00%             | 2027-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | JPMORGAN CHASE + CO                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -79 | NC      | $-62212.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -48 | NC      | $-38040.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                | Volcan Cia Minera SAA                                               | CUSIP: 92863UAC0<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |     159000 | PA      | $164930.70    | 0.01%             | 2030-01-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DUOMO BIDCO SPA                                         | Duomo Bidco SpA                                                     | CUSIP: 000000000<br>LEI: 8156008BEDB552B30829 | Long             | DBT              | CORP              | IT        |     301000 | PA      | $355503.61    | 0.02%             | 2031-07-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| PORT OF NEWCASTLE INVEST                                | Port of Newcastle Investments Financing Pty Ltd                     | CUSIP: 000000000<br>LEI: 549300VVWVQBDM9L8K30 | Long             | DBT              | CORP              | AU        |     180000 | PA      | $122357.58    | 0.01%             | 2033-07-18      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                      | Thames Water Utilities Finance PLC                                  | CUSIP: 000000000<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |     770000 | PA      | $736545.29    | 0.05%             | 2027-06-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                           | UniCredit SpA                                                       | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     144361 | NS      | $10985162.42  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| MATTERHORN TELECOM HOLDING SA                           | Matterhorn Telecom Holding SA EUR Term Loan B                       | CUSIP: 000000000<br>LEI: 549300MTB0YI26SMUT22 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1176668.80   | 0.07%             | 2032-01-30      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust 2020-INV1           | Starwood Mortgage Residential Trust 2020-INV                        | CUSIP: 85573EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1225000 | PA      | $1049243.98   | 0.06%             | 2055-11-25      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| General Electric Co                                     | General Electric Co                                                 | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       9153 | NS      | $2753405.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MCM 2021 VFN1                                           | MCM 2021 VFN1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3895576 | PA      | $2759971.01   | 0.17%             | 2028-08-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | MCDONALD'S CORP                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         53 | NC      | $9010.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.400000 01-NOV-2033 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11316932 | OU      | $-662428.29   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                       | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     224000 | PA      | $263613.46    | 0.02%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Palladyne AI Corp                                       | Palladyne AI Corp                                                   | CUSIP: 80359A114<br>LEI: N/A                  | N/A              | DE               |  | US        |      68671 | NS      | $13768.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PENINSULA PACFIC ENTERTAIN LLC                          | PENINSULA PACFIC ENTERTAIN LLC 2025 TERM LOAN B                     | CUSIP: 70715SAB3<br>LEI: 549300LWV74H4IE3FG45 | Long             | LON              | CORP              | US        |    1828301 | PA      | $1823730.53   | 0.11%             | 2032-08-13      | Floating      | 8.93%                 | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | WALT DISNEY CO/THE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-2071.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -96 | NC      | $-96720.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -673 | NC      | $-450938.05   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                        | Duke Energy Corp                                                    | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       5700 | NS      | $705375.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHAEFFLER AG                                           | SCHAEFFLER AG                                                       | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122935.70    | 0.01%             | 2031-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                                        | Pitney Bowes Inc 2025 Term Loan B                                   | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |     547150 | PA      | $546466.31    | 0.03%             | 2032-03-19      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                    | CUSIP: 64035DAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1670000 | PA      | $1519050.20   | 0.09%             | 2062-04-20      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                                | Transocean Titan Financing Ltd                                      | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     343238 | PA      | $351682.44    | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Flowco Holdings Inc                                     | Flowco Holdings Inc                                                 | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      56042 | NS      | $832223.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 2019-1 Ltd                                            | CUSIP: 05875JAQ2<br>LEI: 254900EJNL3EAF77OS82 | Long             | ABS-CBDO         | CORP              | KY        |    2700000 | PA      | $2710692.27   | 0.17%             | 2032-07-15      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| RESORT CMNTYS LOANCO LP                                 | RESORT CMNTYS LOANCO LP                                             | CUSIP: 76125UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    9582953 | PA      | $9811027.28   | 0.60%             | 2028-11-21      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Meta Platforms Inc                                      | Meta Platforms Inc                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      31205 | NS      | $22916327.90  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | BOEING CO/THE                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -18 | NC      | $-5418.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Europa University Education Group, S.L                  | Europa University Education Group SL 2024 EUR 1st Lien Term Loan B  | CUSIP: 000000000<br>LEI: 2549009PF73QPWLZWG67 | Long             | LON              | CORP              | ES        |     741599 | PA      | $874906.28    | 0.05%             | 2031-10-30      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR GOLD SHARES                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        724 | NC      | $1361120.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANA A NOTE 4 YEAR                                    | OCEANA A NOTE 4 YEAR                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    4703000 | PA      | $3252013.72   | 0.20%             | 2027-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| Inspired FinCo Holdings Limited                         | Inspired FinCo Holdings Limited 2025 EUR Term Loan B6               | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |     719212 | PA      | $847034.27    | 0.05%             | 2031-02-28      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                                           | Luna 1.5 Sarl                                                       | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |     191000 | PA      | $232378.12    | 0.01%             | 2032-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (CS)                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |    2160000 | OU      | $-49641.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INSIGHT M INC SERIES D                                  | INSIGHT M INC SERIES D                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    1942003 | NS      | $390925.20    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2021-1                         | CUSIP: 24380VAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1550000 | PA      | $1377604.35   | 0.08%             | 2065-05-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| PRYSMIAN SPA                                            | Prysmian SpA                                                        | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | DBT              | CORP              | IT        |     275000 | PA      | $336792.28    | 0.02%             | 2030-05-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | AMAZON.COM INC                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -133 | NC      | $-51205.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                 | Summer BC Holdco B SARL                                             | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     127000 | PA      | $146423.88    | 0.01%             | 2030-02-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | FREEPORT-MCMORAN INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         98 | NC      | $539.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                             | Oracle Corp                                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      30037 | NS      | $8447605.88   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: USD 4.098500 30-MAY-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   30152868 | OU      | $281209.14    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DR HORTON INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -32 | NC      | $-5920.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                               | Figma Inc                                                           | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |       4615 | NS      | $239380.05    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $182.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DAVIDSON KEMPNER MERCHANT CO-INVEST FUND LP             | DAVIDSON KEMPNER MERCHANT CO-INVEST FUND LP                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4436210 | NS      | $4436210.00   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | META PLATFORMS INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         19 | NC      | $2099.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY COSTA RICA SR SF                                | Liberty Costa Rica Senior Secured Finance                           | CUSIP: 530371AA1<br>LEI: 549300W6O2PHTPCYQ751 | Long             | DBT              | CORP              | KY        |     211000 | PA      | $224926.00    | 0.01%             | 2031-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Citibank NA                                             | ACCELERANT HOLDINGS CLASS A                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |      12857 | OU      | $-191440.73   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AIVEN SERIES D PREFERRED                                | AIVEN SERIES D PREFERRED                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FI        |      37890 | NS      | $2107441.80   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| FLYR SECURED NOTES WTS                                  | FLYR SECURED NOTES WTS                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    1194158 | NS      | $364934.72    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| LATCH INC                                               | LATCH INC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     142273 | NS      | $14085.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AGRIFARMA SPA                                           | Agrifarma SpA                                                       | CUSIP: 000000000<br>LEI: 815600F89DA538E88804 | Long             | DBT              | CORP              | IT        |    1882000 | PA      | $2220609.06   | 0.14%             | 2028-10-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.460130 15-DEC-2036 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4852643 | OU      | $113654.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2020-C                                     | CUSIP: 00969HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       8811 | PA      | $130.94       | 0.00%             | 2060-09-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DR HORTON INC                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         32 | NC      | $13120.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                           | Boeing Co/The                                                       | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      49201 | NS      | $10619051.83  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 3.000000 05-MAR-2029 EUR                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   15660022 | OU      | $720288.63    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TVC DSCR 21 1 A                                         | TVC DSCR 21 1 A                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2496136 | PA      | $2301135.33   | 0.14%             | 2051-02-01      | Fixed         | 2.38%                 | No            |                  3 | On Loan: No      |
| AERNNOVA AEROSPACE SAU                                  | Aernnova Aerospace SAU 2024 EUR Term Loan B                         | CUSIP: 000000000<br>LEI: 95980020140005473208 | Long             | LON              | CORP              | ES        |    1302916 | PA      | $1519654.63   | 0.09%             | 2030-02-27      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Snorkel AI Inc                                          | Snorkel AI Inc                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      12621 | NS      | $77240.52     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Autodesk Inc                                            | Autodesk Inc                                                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      14902 | NS      | $4733918.34   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | INTUIT INC                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -1 | NC      | $-227.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CEDACRI SPA                                             | Cedacri SpA                                                         | CUSIP: 000000000<br>LEI: 815600E85FCD78B3EE61 | Long             | DBT              | CORP              | IT        |     102000 | PA      | $120438.65    | 0.01%             | 2028-05-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                       | Stonegate Pub Co Financing 2019 PLC                                 | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     138000 | PA      | $186103.72    | 0.01%             | 2029-07-31      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                 | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     214000 | PA      | $256052.43    | 0.02%             | 2029-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |          1 | NC      | $25463.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAMECO CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -29 | NC      | $-14717.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bytedance Ltd                                           | Bytedance Ltd                                                       | CUSIP: 000000000<br>LEI: 54930057HU24VGK3CO92 | Long             | EP               | CORP              | US        |      40071 | NS      | $10132753.77  | 0.62%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARENA LUX FIN SARL                                      | Arena Luxembourg Finance Sarl                                       | CUSIP: 000000000<br>LEI: 222100KX2LPK5KRSIG74 | Long             | DBT              | CORP              | LU        |     193000 | PA      | $227995.65    | 0.01%             | 2030-05-01      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $135.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CRH PLC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -24 | NC      | $-2520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital Four CLO                                        | Capital Four CLO VIII DAC                                           | CUSIP: 000000000<br>LEI: 2549006Z0XBVN3OW8T93 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $415102.89    | 0.03%             | 2037-10-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |          1 | NC      | $-42563.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego CLO XI DAC                                                  | CUSIP: 000000000<br>LEI: 6354008HTD4GEZHRKR02 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $261114.14    | 0.02%             | 2038-11-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ORACLE CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -12 | NC      | $-35280.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                 | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     188000 | PA      | $182266.00    | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | NEW YORK COMMUNITY                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      90442 | OU      | $1044605.10   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                                   | SURA Asset Management SA                                            | CUSIP: 78486LAB8<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |     200000 | PA      | $213500.00    | 0.01%             | 2032-05-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| FREEWIRE EQUITY                                         | FREEWIRE EQUITY                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         45 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PENINSULA PACFIC ENTERTAIN LLC                          | PENINSULA PACFIC ENTERTAIN LLC 2025 DELAYED DRAW TERM LOAN          | CUSIP: 70715SAD9<br>LEI: 549300LWV74H4IE3FG45 | Long             | LON              | CORP              | US        |     428508 | PA      | $427436.84    | 0.03%             | 2032-08-13      | Floating      | 8.93%                 | No            |                  3 | On Loan: No      |
| MINERAL RESOURCES LTD                                   | Mineral Resources Ltd                                               | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     255000 | PA      | $267191.30    | 0.02%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Signal Harmonic CLO                                     | Signal Harmonic CLO I DAC                                           | CUSIP: 000000000<br>LEI: 635400CPGNMPPUYRUY64 | Long             | ABS-CBDO         | CORP              | IE        |     190000 | PA      | $225634.30    | 0.01%             | 2038-07-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                  | Froneri Lux Finco Sarl 2024 EUR Term Loan B3                        | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1173076.20   | 0.07%             | 2031-09-30      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| STARZ CAPITAL HOLDINGS                                  | Starz Capital Holdings LLC                                          | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |     112000 | PA      | $91840.00     | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CURRENTA GROUP HOLDINGS                                 | Currenta Group Holdings Sarl                                        | CUSIP: 000000000<br>LEI: 222100SF79KCJKYUPE47 | Long             | DBT              | CORP              | LU        |     159000 | PA      | $191303.72    | 0.01%             | 2030-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR S+P 500 ETF TRUST                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        585 | NC      | $24862.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFLD                                 | Unibail-Rodamco-Westfield SE                                        | CUSIP: 000000000<br>LEI: 969500SHQITWXSIS7N89 | Long             | DBT              |  | FR        |     200000 | PA      | $238510.07    | 0.01%             | 2031-06-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | WILLIAMS COS INC/THE                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -40 | NC      | $-2800.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |     238973 | PA      | $225829.37    | 0.01%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp                                     | Carrier Global Corp                                                 | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       5949 | NS      | $355155.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X FUTURE TECHNOLOGIES SERVICES LTD                    | 10X FUTURE TECHNOLOGIES SERVICES LTD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    1301205 | PA      | $1693115.67   | 0.10%             | 2026-06-19      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | GB        |          1 | NC      | $-3403.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     278000 | PA      | $246030.00    | 0.02%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| IBERDROLA FINANZAS SAU                                  | Iberdrola Finanzas SA                                               | CUSIP: 000000000<br>LEI: 5493004PZNZWWBOUV388 | Long             | DBT              | CORP              | ES        |     100000 | PA      | $120530.44    | 0.01%             | 2030-03-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | ESTX BANKS (EUR) PR                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        402 | NC      | $116812.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                                | Hermes International SCA                                            | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       2602 | NS      | $6398421.08   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                               | Sanofi SA                                                           | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      47778 | NS      | $4524287.91   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $222.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P500 EMINI FUT DEC25                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       -406 | NC      | $-1232605.48  | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| INEOS FINANCE PLC                                       | INEOS Finance PLC                                                   | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     186000 | PA      | $218063.61    | 0.01%             | 2031-03-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMF MF Portfolio                                        | AMF MF Portfolio Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2366797 | PA      | $2428452.31   | 0.15%             | 2028-11-01      | Fixed         | 7.29%                 | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                                       | BULLISH                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      14593 | OU      | $-928260.73   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego Clo V DAC                                                   | CUSIP: 000000000<br>LEI: 549300RF10WJ1D9VYK55 | Long             | ABS-CBDO         | CORP              | IE        |     230000 | PA      | $271829.42    | 0.02%             | 2037-10-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Crown PropTech Acquisitions                             | Crown PropTech Acquisitions                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      29568 | NS      | $336483.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FLYR SERIES D X PREF EQ                                 | FLYR SERIES D X PREF EQ                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     421209 | NS      | $4.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                 | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |     237000 | PA      | $287617.80    | 0.02%             | 2028-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.700000 06-JAN-2035 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10993000 | OU      | $6224.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                        | Mobico Group PLC                                                    | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |     162000 | PA      | $133019.64    | 0.01%             | 2025-11-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                      | Tricon Residential 2021-SFR1 Trust                                  | CUSIP: 89614YAH9<br>LEI: 549300Z2X1L1L3MID765 | Long             | ABS-O            | CORP              | US        |     887000 | PA      | $874112.51    | 0.05%             | 2038-07-17      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2021-B                               | CUSIP: 56847JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     540000 | PA      | $502539.88    | 0.03%             | 2036-11-20      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/CDS: (ITRAXX.XO.42 10-20%)                              | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     290000 | OU      | $21953.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                               | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     420000 | PA      | $411180.00    | 0.03%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-NQM1R                      | CUSIP: 64828BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1022000 | PA      | $915951.56    | 0.06%             | 2055-07-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | VALERO ENERGY CORP                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -84 | NC      | $-10038.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | MCKESSON CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-8925.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HAWKEYE 360 MGR WTS                                     | HAWKEYE 360 MGR WTS                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      49340 | NS      | $526457.80    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| WOLFSPEED INC                                           | Wolfspeed Inc                                                       | CUSIP: 977852AP7<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |      12000 | PA      | $11422.77     | 0.00%             | 2031-06-15      | Fixed         | 2.50%                 | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                              | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     953000 | PA      | $944498.86    | 0.06%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                 | Aroundtown Finance Sarl                                             | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     408000 | PA      | $565063.90    | 0.03%             | 2029-05-07      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| RUNITONETIME LLC                                        | RunItOneTime LLC Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      71869 | PA      | $69104.87     | 0.00%             | 2026-07-07      | Floating      | 16.82%                | No            |                  3 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                 | Talen Energy Supply LLC                                             | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     240000 | PA      | $254769.36    | 0.02%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NVIDIA CORP                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        191 | NC      | $305122.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GS FINANCE CORP                                         | GS Finance Corp                                                     | CUSIP: 40058GUK5<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |    2810000 | PA      | $2838043.80   | 0.17%             | 2030-02-14      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 4.212000 27-OCT-2026 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   39419300 | OU      | $247118.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |          1 | NC      | $-302.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Euro Parfums Fze                                        | Euro Parfums Fze Term Loan B                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     584910 | PA      | $581985.45    | 0.04%             | 2028-06-23      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |
| TELECOM ARGENTINA SA                                    | Telecom Argentina SA                                                | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |      55895 | PA      | $55028.63     | 0.00%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ELO SACA                                                | ELO SACA                                                            | CUSIP: 000000000<br>LEI: 969500ASEC557H5A4F22 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $233788.39    | 0.01%             | 2026-01-29      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                           | Live Nation Entertainment Inc                                       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      32426 | NS      | $5298408.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Mortgage Loan Trust                         | Residential Mortgage Loan Trust 2020-1                              | CUSIP: 76119CAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $382503.92    | 0.02%             | 2060-01-26      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                | CUSIP: 35906ABG2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     660000 | PA      | $666583.50    | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                              | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      46000 | PA      | $46482.47     | 0.00%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 13.000000 02-JAN-2029 BZD                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    7284652 | OU      | $-12829.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                                           | Sona Fios CLO V DAC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     170000 | PA      | $201859.21    | 0.01%             | 2038-08-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| LESSEN HLDS SERIES BX                                   | LESSEN HLDS SERIES BX                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     489075 | NS      | $180957.75    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| OCEANA A NOTE 3 YEAR                                    | OCEANA A NOTE 3 YEAR                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    2822000 | PA      | $1907091.11   | 0.12%             | 2026-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                           | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     236000 | PA      | $245794.00    | 0.02%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                               | Shell PLC                                                           | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     325312 | NS      | $11668114.85  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-NQM1R                      | CUSIP: 64828BAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1370000 | PA      | $1198810.97   | 0.07%             | 2055-07-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | INTUIT INC                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-1350.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED JPY / SOLD USD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |          1 | NC      | $-1877.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.790000 29-MAR-2029 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   35313143 | OU      | $403550.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                  | Volkswagen International Finance NV                                 | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $121188.67    | 0.01%             | 2030-11-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Core Scientific Inc                                     | Core Scientific Inc                                                 | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     132371 | NS      | $2374735.74   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -211 | NC      | $-21456.65    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Exchange                                          | JPN 10Y BOND(OSE) DEC25                                             | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -16 | NC      | $141693.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KRONOS INTERNATIONAL INC                                | Kronos International Inc                                            | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |     100000 | PA      | $123723.85    | 0.01%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Project Montage                                         | Project Montage PIK Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1274714 | PA      | $1226912.39   | 0.08%             | 2029-02-16      | Floating      | 13.25%                | No            |                  3 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                  | Spirit AeroSystems Inc                                              | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     772000 | PA      | $813085.07    | 0.05%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AB CarVal Euro CLO                                      | AB Carval Euro CLO II-C DAC                                         | CUSIP: 000000000<br>LEI: 6354004BYSUDKD9P4215 | Long             | ABS-CBDO         | CORP              | IE        |     250000 | PA      | $297070.68    | 0.02%             | 2037-02-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | DELTA AIR LINES INC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-618.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FREMF Mortgage Trust                                    | FREMF 2018-KW05 Trust                                               | CUSIP: 30307MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     437000 | PA      | $406932.30    | 0.02%             | 2028-04-25      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                               | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     382000 | PA      | $419289.99    | 0.03%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                      | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     147000 | PA      | $142362.15    | 0.01%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                             | 5Y RTR 3.070000 21-NOV-2025                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |  -23668000 | OU      | $-33827.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo I Ltd                                                  | CUSIP: 96467CAG2<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |    1300000 | PA      | $1300334.62   | 0.08%             | 2036-07-24      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                         | KOSPI2 INX FUT DEC25                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | KR        |         41 | NC      | $248688.57    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2019-RPL2                       | CUSIP: 64830HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9329000 | PA      | $7426159.21   | 0.46%             | 2059-02-25      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |          1 | NC      | $10534.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp                            | Six Flags Entertainment Corp                                        | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |      21923 | NS      | $498090.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLOCOPTER GMBH                                         | VOLOCOPTER GMBH                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |        780 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LCH Ltd.                                                | SWP: GBP 4.095000 07-NOV-2054 SON                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4800000 | OU      | $-583508.97   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                                  | Orbia Advance Corp SAB de CV                                        | CUSIP: 68560EAC2<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $207951.00    | 0.01%             | 2030-05-13      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.750000 09-JUL-2035 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5391854 | OU      | $38037.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RAPIDSOS WARRANTS                                       | RAPIDSOS WARRANTS                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     946544 | NS      | $1088525.60   | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWP: OIS 9.990000 04-JAN-2027 BZD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   14173155 | OU      | $-293138.58   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TRAVIATA BV                                             | Traviata BV 2025 EUR PIK Term Loan                                  | CUSIP: 000000000<br>LEI: 529900TJUCAM0UQXSF21 | Long             | LON              | CORP              | DE        |    1043435 | PA      | $1214387.31   | 0.07%             | 2033-01-22      | Floating      | 9.93%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | TRSWAP: LQD US EQUITY                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    5825788 | OU      | $-8756.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLATEA BC BIDCO AB                                      | Platea BC Bidco AB EUR Term Loan                                    | CUSIP: 000000000<br>LEI: 254900AWWXX5NUVV4A03 | Long             | LON              | CORP              | SE        |     833333 | PA      | $983727.27    | 0.06%             | 2031-04-03      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                                      | Intrum Investments And Financing AB                                 | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |     136466 | PA      | $162932.39    | 0.01%             | 2027-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                                | Starz Capital Holdings 1 Inc                                        | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2575000 | PA      | $2441975.50   | 0.15%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                             | CUSIP: 44891CDT7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     200000 | PA      | $201740.00    | 0.01%             | 2030-03-27      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: GBP 3.180000 10-FEB-2028                                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   85657000 | OU      | $-548936.46   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BREEZE AVIATION GROUP INC                               | BREEZE AVIATION GROUP INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       3333 | NS      | $520414.62    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BNP PARIBAS SA                                          | TRSWAP: USHY US EQUITY                                              | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    2443354 | OU      | $-3970.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | CAPITAL ONE FINANCIAL CORP                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -23 | NC      | $-5232.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV                                                 | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |     328000 | PA      | $399389.73    | 0.02%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MONGODB INC                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -29 | NC      | $-11237.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                 | Windstream Services LLC                                             | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64982.45     | 0.00%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| URSA MAJOR TECHNOLOGIES INC                             | URSA MAJOR TECHNOLOGIES INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35579 | NS      | $163663.40    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-F                                     | CUSIP: 009703AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1260266 | PA      | $1269639.03   | 0.08%             | 2061-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | SHORT EURO-BTP FU DEC25                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         90 | NC      | $4668.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 10.120000 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   17909747 | OU      | $-360029.08   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RAPIDSOS SERIES C 1 EQUITY                              | RAPIDSOS SERIES C 1 EQUITY                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1707127 | NS      | $1980267.32   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| LOXAM SAS                                               | Loxam SAS                                                           | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |     583200 | PA      | $709197.48    | 0.04%             | 2029-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                      | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $199602.00    | 0.01%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES WARRANTS                                 | DAVIDSON HOMES WARRANTS                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      50977 | NS      | $311979.24    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| EssilorLuxottica SA                                     | EssilorLuxottica SA                                                 | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      28882 | NS      | $9408420.21   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| RUNITONETIME LLC                                        | RunItOneTime LLC 2nd Amendment Final New Money DIP Term Loan        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     187048 | PA      | $179854.15    | 0.01%             | 2026-04-16      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                                  | TK Elevator Midco GmbH 2025 EUR Term Loan B1                        | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | LON              | CORP              | DE        |    1000000 | PA      | $1177478.89   | 0.07%             | 2030-04-30      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CROWN PROPTECH UNVESTED                                 | CROWN PROPTECH UNVESTED                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      33264 | NS      | $0.33         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SPDR S&P Biotech ETF                                    | SPDR S&P Biotech ETF                                                | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      45000 | NS      | $4509000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN PROPTECH ACQUISITIONS                             | CROWN PROPTECH ACQUISITIONS                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      51000 | NS      | $69360.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Solaris Energy Infrastructure LLC                       | Solaris Energy Infrastructure LLC Term Loan                         | CUSIP: 83418UAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6125462 | PA      | $6171403.47   | 0.38%             | 2029-09-11      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | INTUIT INC                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -15 | NC      | $-17550.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                      | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     678750 | PA      | $219745.31    | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                          | Home Partners of America 2021-2 Trust                               | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2398739 | PA      | $2337103.24   | 0.14%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 4.198500 23-OCT-2027 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10250000 | OU      | $165049.46    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                   | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     116000 | PA      | $119048.48    | 0.01%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     219000 | PA      | $215605.50    | 0.01%             | 2032-05-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                           | Fedrigoni SpA                                                       | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |     298000 | PA      | $347772.59    | 0.02%             | 2031-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| REGIONAL MGMT ISSUANCE                                  | REGIONAL MGMT ISSUANCE                                              | CUSIP: 75907WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4780000 | PA      | $4630864.00   | 0.28%             | 2033-10-17      | Fixed         | 3.88%                 | No            |                  3 | On Loan: No      |
| MCM TR 2021 VFN1                                        | MCM TR 2021 VFN1                                                    | CUSIP: 55293CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4236669 | PA      | $4073410.71   | 0.25%             | 2059-01-01      | Variable      | 2.50%                 | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $-1521.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | LIVE NATION ENTERTAINMENT INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-2082.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                           | McKesson Corp                                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      12864 | NS      | $9937954.56   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Regional Banking ETF                           | SPDR S&P Regional Banking ETF                                       | CUSIP: 78464A698<br>LEI: 549300EFWJBKUN6WJX52 | Long             | EC               | RF                | US        |      42594 | NS      | $2696200.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                                | Puma International Financing SA                                     | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $206042.00    | 0.01%             | 2029-04-25      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KONDOR FINANCE PLC (NAK)                                | NAK Naftogaz Ukraine via Kondor Finance PLC                         | CUSIP: 50050MAB1<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |     269706 | PA      | $211045.22    | 0.01%             | 2028-11-08      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                  | Vmed O2 UK Financing I PLC                                          | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    1293000 | PA      | $1556163.75   | 0.10%             | 2032-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Vita Global FinCo Limited                               | Vita Global FinCo Limited GBP Incremental Term Loan                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | JE        |    3153130 | PA      | $3509132.38   | 0.22%             | 2027-09-23      | Floating      | 11.97%                | No            |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                             | FSWP: OIS 3.250130 15-DEC-2028 SOF                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   21231788 | OU      | $18575.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                               | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     855000 | PA      | $1073517.09   | 0.07%             | 2028-11-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER                                   | Clean Renewable Power Mauritius Pte Ltd                             | CUSIP: 000000000<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |     154000 | PA      | $150727.50    | 0.01%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPDR Gold Shares                                        | SPDR Gold Shares                                                    | CUSIP: 78463V107<br>LEI: 549300SMREV46EHBHL79 | Long             | EC               | RF                | US        |      78338 | NS      | $27846808.86  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                             | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     241000 | PA      | $282933.42    | 0.02%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                            | United Airlines Holdings Inc                                        | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      18827 | NS      | $1816805.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Prodigy Finance Designated Activity Co                  | Prodigy Finance CM2021-1 DAC                                        | CUSIP: 742855AC3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |      57842 | PA      | $59242.53     | 0.00%             | 2051-07-25      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $-11637.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KraneShares CSI China Internet ETF                      | KraneShares CSI China Internet ETF                                  | CUSIP: 500767306<br>LEI: 549300URDNVSGEWBN526 | Long             | EC               | RF                | US        |      50850 | NS      | $2136208.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-FACT                                                      | CUSIP: 126395AN2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     730000 | PA      | $668169.00    | 0.04%             | 2037-10-15      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| GATEGROUP FINANCE LUX SA                                | gategroup Finance Luxembourg SA                                     | CUSIP: 000000000<br>LEI: 529900Q1OR7LI4GOGW68 | Long             | DBT              | CORP              | LU        |     255000 | PA      | $316878.31    | 0.02%             | 2027-02-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR S+P 500 ETF TRUST                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       1152 | NC      | $96192.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA                                  | Cie de Saint-Gobain SA                                              | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |      61086 | NS      | $6618766.05   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                 | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     214000 | PA      | $239234.73    | 0.01%             | 2030-04-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc                                       | Rakuten Group Inc                                                   | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |     112800 | NS      | $731469.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FABBRICA ITA SINTETICI                                  | FIS Fabbrica Italiana Sintetici SpA                                 | CUSIP: 000000000<br>LEI: 8156004D7056C63EC525 | Long             | DBT              | CORP              | IT        |     257000 | PA      | $304013.43    | 0.02%             | 2027-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD SEK                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $6313.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | PETROLEOS MEXICANOS                                                 | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    2767000 | PA      | $2750398.00   | 0.17%             | 2026-03-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES Loan Funding I Ltd                                             | CUSIP: 04018YAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1249406.25   | 0.08%             | 2034-10-15      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| PCF GMBH                                                | PCF GmbH                                                            | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |     129280 | PA      | $116632.94    | 0.01%             | 2029-04-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| FLOURISHING TRADE + INVT LTD                            | FLOURISHING TRADE + INVT LTD                                        | CUSIP: 343427AA8<br>LEI: 894500SZ5TN63ZJ0Y632 | Long             | DBT              | CORP              | MU        |    2339644 | PA      | $2444927.98   | 0.15%             | 2028-04-02      | Variable      | 11.04%                | No            |                  3 | On Loan: No      |
| Apple Inc                                               | Apple Inc                                                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     126850 | NS      | $32299815.50  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | MICROSOFT CORP                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -34 | NC      | $-9333.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                 | Zayo Group Holdings Inc                                             | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     138629 | PA      | $132737.04    | 0.01%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR GOLD SHARES                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -2323 | NC      | $-643471.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                 | CUSIP: 715638DP4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     142000 | PA      | $117221.00    | 0.01%             | 2032-12-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| DEEP INSTINCT ORDINARY                                  | DEEP INSTINCT ORDINARY                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      66096 | NS      | $3965.76      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SOURCE GLOBAL PBC COMMON                                | SOURCE GLOBAL PBC COMMON                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4622 | NS      | $369.76       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Eurex Deutschland                                       | EURO STOXX 50 DEC25                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -68 | NC      | $-111097.36   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Maricopa County Industrial Development Authority        | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                          | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     315000 | PA      | $329846.69    | 0.02%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                      | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     112000 | PA      | $131639.13    | 0.01%             | 2032-07-01      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                                           | Wolfspeed Inc                                                       | CUSIP: 977852AQ5<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4566.21      | 0.00%             | 2031-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | NASDAQ 100 E-MINI DEC25                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        -70 | NC      | $-349467.88   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| KONDOR FINANCE PLC (NAK)                                | NAK Naftogaz Ukraine via Kondor Finance PLC                         | CUSIP: 000000000<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |     232704 | PA      | $234274.06    | 0.01%             | 2026-07-19      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                            | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     110000 | PA      | $117116.34    | 0.01%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MONGODB INC                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         29 | NC      | $16530.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | CRH PLC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -24 | NC      | $-7020.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                 | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     206555 | PA      | $222924.48    | 0.01%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $396.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | META PLATFORMS INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-12870.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                | CUSIP: 35908MAB6<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40470.52     | 0.00%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENCORE ISSUANCES SA                                     | Encore Issuances SA                                                 | CUSIP: 000000000<br>LEI: 529900AZGF6OODGSBY09 | Long             | DBT              | CORP              | LU        |      48425 | PA      | $55699.28     | 0.00%             | 2025-11-06      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     216000 | PA      | $258373.28    | 0.02%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOEING CO/THE                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3347.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.245000 29-SEP-2043 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1466800 | OU      | $-56645.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                           | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     200000 | PA      | $206800.00    | 0.01%             | 2036-04-01      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | WALT DISNEY CO/THE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         64 | NC      | $20800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TACKLE SARL                                             | Tackle SARL 2025 EUR Repriced Term Loan B2                          | CUSIP: 000000000<br>LEI: 222100DLH8KKOD63ZQ23 | Long             | LON              | CORP              | LU        |     656250 | PA      | $772543.31    | 0.05%             | 2028-05-22      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                               | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $194522.00    | 0.01%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: GBP 4.860000 20-JUN-2028 SON                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6480000 | OU      | $259887.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $359.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd               | Taiwan Semiconductor Manufacturing Co Ltd                           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      77145 | NS      | $21545827.05  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FNZ GROUP SERVICES LTD                                  | FNZ Group Services Ltd 2024 GBP Term Loan B                         | CUSIP: 30339HAC5<br>LEI: 254900MQTZKERVE6YB70 | Long             | LON              | CORP              | NZ        |    1000000 | PA      | $1075919.58   | 0.07%             | 2031-11-05      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     224000 | PA      | $224196.71    | 0.01%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO STOXX BANK DEC25                                               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        172 | NC      | $38505.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.350000 22-JUL-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11266808 | OU      | $54003.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                       | Polaris Newco LLC EUR Term Loan B                                   | CUSIP: 73108RAC2<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     992248 | PA      | $1083135.09   | 0.07%             | 2028-06-02      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| EXO IMAGING INC                                         | EXO IMAGING INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     117667 | NS      | $87073.73     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RUNITONETIME LLC                                        | RunItOneTime LLC New Money DIP Term Loan                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      59296 | PA      | $57015.66     | 0.00%             | 2026-04-16      | Floating      | 16.67%                | No            |                  3 | On Loan: No      |
| Maverick Gaming LLC                                     | Maverick Gaming LLC 2024 PIK Term Loan                              | CUSIP: 57770JAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     516495 | PA      | $464845.28    | 0.03%             | 2028-06-05      | Floating      | 15.75%                | No            |                  3 | On Loan: No      |
| NATIONAL BANK GREECE SA                                 | National Bank of Greece SA                                          | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |     200000 | PA      | $252603.13    | 0.02%             | 2035-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         93 | NC      | $188557.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OBOL FRANCE 3 SAS                                       | Obol France 3 SAS 2024 EUR Term Loan B                              | CUSIP: 000000000<br>LEI: 969500K3AWY66FOPOS97 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1151062.75   | 0.07%             | 2028-12-31      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | INTEL CORP                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -713 | NC      | $-20320.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $155.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | SWAP/CDSWAP/SCDS: (BA)                                              | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | US        |     800000 | OU      | $-13570.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD JPY                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $73395.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    1001000 | PA      | $1014012.53   | 0.06%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOOKING HOLDINGS INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-56125.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                  | PURCHASED JPY / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | JP        |          1 | NC      | $-91923.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-473.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-LION                                                      | CUSIP: 12660TAA0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3376502.26   | 0.21%             | 2027-02-15      | Floating      | 7.59%                 | No            |                  3 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2020-3           | CUSIP: 35564CHL4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2257483 | PA      | $2235368.84   | 0.14%             | 2060-04-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 Second Out Term Loan                            | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |     461234 | PA      | $150131.50    | 0.01%             | 2028-04-28      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                            | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |     300000 | PA      | $304650.00    | 0.02%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                                | iliad SA                                                            | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |     300000 | PA      | $354127.25    | 0.02%             | 2032-01-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                                       | TAG Immobilien AG                                                   | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122692.39    | 0.01%             | 2031-03-11      | Fixed         | 0.63%                 | No            |                  1 | On Loan: No      |
| LUNA 2 5SARL                                            | Luna 2 5SARL                                                        | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $119444.76    | 0.01%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 54 Ltd                      | Octagon 54 Ltd                                                      | CUSIP: 67577FAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249982.93    | 0.02%             | 2034-07-15      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                | California Resources Corp                                           | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     707000 | PA      | $702133.15    | 0.04%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | NEXTERA ENERGY INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -49 | NC      | $-2254.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 3.750000 27-MAR-2035 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10876000 | OU      | $66918.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                          | NCR Atleos Corp                                                     | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     430000 | PA      | $465484.46    | 0.03%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES                                  | BCP V Modular Services Finance PLC                                  | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $176040.34    | 0.01%             | 2029-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                                  | Verisure Midholding AB                                              | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |     553000 | PA      | $653048.11    | 0.04%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                       | National Grid PLC                                                   | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     489463 | NS      | $7032927.34   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | SERVISFIRST BANCSHARES INC                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       1270 | OU      | $-102273.10   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR GOLD SHARES                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -1548 | NC      | $-342882.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | APPLE INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         96 | NC      | $229200.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Starz Entertainment Corp                                | Starz Entertainment Corp                                            | CUSIP: 855919106<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | CA        |       3086 | NS      | $45456.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IPD 3 BV                                                | IPD 3 BV                                                            | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |     282000 | PA      | $336222.25    | 0.02%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                                       | MC Brazil Downstream Trading SARL                                   | CUSIP: 000000000<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     182442 | PA      | $156352.60    | 0.01%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Accelerant Holdings                                     | Accelerant Holdings                                                 | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |      12857 | NS      | $191440.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.300000 24-APR-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   30249206 | OU      | $61881.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                                       | Bracken MidCo1 PLC                                                  | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |     119000 | PA      | $159415.99    | 0.01%             | 2027-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APOLLO GLOBAL MANAGEMENT INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-1625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                    | Tencent Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     109167 | NS      | $9302075.72   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | LIVE NATION ENTERTAINMENT INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -23 | NC      | $-1265.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                                     | Delta Air Lines Inc                                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      63703 | NS      | $3615145.25   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TEYA SERVICES LTD                                       | TEYA SERVICES LTD                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       1235 | NS      | $404030.25    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | META PLATFORMS INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -39 | NC      | $-23302.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $2425.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CVB FINANCIAL CORP                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       3741 | OU      | $-70742.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | EQT CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -488 | NC      | $-36600.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BUBBLES BIDCO SPA                                       | Bubbles Bidco SPA                                                   | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     236000 | PA      | $283790.66    | 0.02%             | 2031-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |          1 | NC      | $-123615.26   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                 | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     227000 | PA      | $249541.01    | 0.02%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-2834.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TACKLE SARL                                             | TACKLE SARL 2025 EUR Add-On TERM LOAN                               | CUSIP: 000000000<br>LEI: 222100DLH8KKOD63ZQ23 | Long             | LON              | CORP              | LU        |     593750 | PA      | $697963.95    | 0.04%             | 2028-05-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT DEC25                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -1510 | NC      | $-2390051.62  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2007-AHL3                             | CUSIP: 17312GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2834762 | PA      | $1983549.36   | 0.12%             | 2045-07-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                               | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     148000 | PA      | $179039.67    | 0.01%             | 2031-01-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 13.115000 02-JAN-2029 BZD                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   29258759 | OU      | $-30740.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     410000 | PA      | $413264.59    | 0.03%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                        | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119252.90    | 0.01%             | 2030-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                                   | ECL Entertainment LLC 2025 Term Loan B                              | CUSIP: 26826TAM5<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    2947485 | PA      | $2942326.55   | 0.18%             | 2030-08-30      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXXVII                                                   | CUSIP: 03769FAA9<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250485.68    | 0.02%             | 2034-10-22      | Floating      | 10.89%                | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-F                                     | CUSIP: 009703AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     722864 | PA      | $818370.34    | 0.05%             | 2061-06-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: USD 3.995900 26-JAN-2028 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   24492745 | OU      | $341099.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PsiQuantum Corp                                         | PsiQuantum Corp                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      36048 | NS      | $1479770.40   | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Coreweave Compute Acquisition Co II LLC                 | Coreweave Compute Acquisition Co II LLC Delayed Draw Term Loan      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5387475 | PA      | $5360537.62   | 0.33%             | 2028-07-31      | Floating      | 14.81%                | No            |                  3 | On Loan: No      |
| VERSA NETWORKS INC                                      | VERSA NETWORKS INC                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     207248 | NS      | $990645.44    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BNP PARIBAS SA                                          | SWP: OIS 10.120000 04-JAN-2027 BZD                                  | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |      95905 | OU      | $-1927.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Belron UK Finance PLC                                   | Belron UK Finance PLC 2024 EUR Incremental Term Loan B              | CUSIP: 08078UAL7<br>LEI: 9845006BC9D1A77B8178 | Long             | LON              | CORP              | GB        |    1325301 | PA      | $1560560.63   | 0.10%             | 2031-10-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                         | Contego CLO VII DAC                                                 | CUSIP: 000000000<br>LEI: 549300HTBV5M1YNUW859 | Long             | ABS-CBDO         | CORP              | IE        |     290000 | PA      | $344288.15    | 0.02%             | 2038-01-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                                     | Muthoot Finance Ltd                                                 | CUSIP: 62828M2E0<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     415000 | PA      | $420312.00    | 0.03%             | 2030-03-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Henley Funding Ltd.                                     | Henley CLO XII DAC                                                  | CUSIP: 000000000<br>LEI: 635400SQELBB2FR6QN30 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $261937.21    | 0.02%             | 2038-01-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD SEK                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $3606.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Volta Trucks                                            | Volta Trucks                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SE        |       2732 | NS      | $0.04         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 5.002000 02-OCT-2025 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  169290000 | OU      | $848258.78    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $114141.73    | 0.01%             | 2029-07-06      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BTP FUTURE DEC25                                               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -19 | NC      | $-31917.25    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/CDS: (ITRAXX.XO.42 10-20%)                              | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     290000 | OU      | $21954.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                 | WaMu Mortgage Pass-Through Certificates Series 2007-OA6 Trust       | CUSIP: 92927BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     966561 | PA      | $817603.70    | 0.05%             | 2047-07-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                  | Canyon CLO 2020-3 Ltd                                               | CUSIP: 13876RAS3<br>LEI: 25490032WO5XW3V7KL43 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $753397.28    | 0.05%             | 2037-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                                   | Deutsche Lufthansa AG                                               | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |     400000 | PA      | $484586.24    | 0.03%             | 2055-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREEZE AVIATION GROUP INC                               | BREEZE AVIATION GROUP INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1672054 | PA      | $1738935.76   | 0.11%             | 2028-01-30      | Fixed         | 20.00%                | Yes           |                  3 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                                | Sappi Papier Holding GmbH                                           | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |     150000 | PA      | $173722.40    | 0.01%             | 2032-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | EUR P USD C @1.175000 EO                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |   16093000 | OU      | $34557.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                                 | CRH PLC                                                             | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      65384 | NS      | $7839541.60   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                            | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    2631000 | PA      | $2594823.75   | 0.16%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGIES CORP                     | SPACE EXPLORATION TECHNOLOGIES CORP                                 | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | STIV             | CORP              | US        |      20535 | NS      | $4202282.40   | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                   | Lottomatica Group Spa                                               | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |     142000 | PA      | $167707.84    | 0.01%             | 2031-06-01      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                        | TUI Cruises GmbH                                                    | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |     104000 | PA      | $125360.02    | 0.01%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                               | Flutter Entertainment PLC                                           | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |       7485 | NS      | $1901190.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.336374 20-MAR-2027 INR                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  203365371 | OU      | $30084.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $424.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                          | Eli Lilly & Co                                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      20111 | NS      | $15344693.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                        | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119331.99    | 0.01%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | APOLLO GLOBAL MANAGEMENT INC                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3575.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALBION FINANCING 1SARL /                                | Albion Financing 1 SARL / Aggreko Holdings Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     185000 | PA      | $225315.70    | 0.01%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SABENA TECHNICS SAS                                     | SABENA TECHNICS SAS                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    2084747 | PA      | $2447598.74   | 0.15%             | 2029-09-30      | Variable      | 6.98%                 | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | CIRCLE INTERNET GROUP INC                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -127 | NC      | $-18986.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     399000 | PA      | $398659.03    | 0.02%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD CAD                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $38204.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                     | JPMorgan Chase & Co                                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      60895 | NS      | $19208109.85  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-4                                     | CUSIP: 46652VCC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2208660 | PA      | $910616.54    | 0.06%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                          | Amazon.com Inc                                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     180230 | NS      | $39573101.10  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | MCKESSON CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-2500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SCI PH PARENT INC                                       | SCI PH PARENT INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1183 | NS      | $1571154.13   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLARIFY HEALTH                                          | CLARIFY HEALTH                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     345315 | NS      | $1039398.15   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| WOM CHILE HOLDCO SPA                                    | WOM Chile Holdco SpA                                                | CUSIP: 97810KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |     315457 | PA      | $280756.73    | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HR OTTAWA LP                                            | HR Ottawa LP                                                        | CUSIP: 44331MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    9537275 | PA      | $10511352.37  | 0.64%             | 2031-03-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | Sofi Professional Loan Program 2018-A LLC                           | CUSIP: 83406E105<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     115068 | PA      | $1283946.92   | 0.08%             | 2042-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWP: OIS 13.000000 02-JAN-2029 BZD                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   11207158 | OU      | $-19737.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | USD P BRL C @5.250000 EO                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |   -4659000 | OU      | $-32216.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | MICRON TECHNOLOGY INC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-43477.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |          1 | NC      | $61788.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tikehau                                                 | Tikehau CLO XII DAC                                                 | CUSIP: 000000000<br>LEI: 635400XEDWHMLUXZJY76 | Long             | ABS-CBDO         | CORP              | IE        |     340000 | PA      | $401196.63    | 0.02%             | 2038-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| ION TRADING FINANCE LIMITED                             | ION Trading Finance Limited 2025 EUR Term Loan B                    | CUSIP: 000000000<br>LEI: 2138006ZTGCXJPF5GD07 | Long             | LON              | CORP              | IE        |    1000000 | PA      | $1169647.97   | 0.07%             | 2028-04-01      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                               | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     200000 | PA      | $222600.00    | 0.01%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | RHEINMETALL AG                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         -6 | NC      | $-3737.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED USD / SOLD AUD                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |          1 | NC      | $-1637.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOEING CO/THE                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -18 | NC      | $-2169.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DEEPOCEAN LTD                                           | Deepocean Ltd                                                       | CUSIP: 000000000<br>LEI: 213800OYKN2J6ZFIFU40 | Long             | DBT              | CORP              | JE        |     100000 | PA      | $118991.19    | 0.01%             | 2031-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEEP INSTINCT LTD                                       | DEEP INSTINCT LTD                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IL        |      21889 | NS      | $218.89       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CNH / SOLD USD                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CN        |          1 | NC      | $-12443.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                              | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |     172000 | PA      | $159625.25    | 0.01%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                     | Citycon Treasury BV                                                 | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $118057.73    | 0.01%             | 2031-07-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                    | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |     432000 | PA      | $528198.18    | 0.03%             | 2029-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                 | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     380000 | PA      | $466169.19    | 0.03%             | 2032-07-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | FSWP: OIS 6.262000 20-MAR-2029 INR                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   62930425 | OU      | $14679.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                            | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     280000 | PA      | $282525.69    | 0.02%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SARCOS TECHNOLOGY AND ROBOTICS                          | SARCOS TECHNOLOGY AND ROBOTICS                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     160743 | NS      | $1380783.80   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanatics Holdings Inc                                   | Fanatics Holdings Inc                                               | CUSIP: 000000000<br>LEI: 254900SDMEGPMGGZLF87 | Long             | EC               | CORP              | US        |     126282 | NS      | $7724669.94   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | META PLATFORMS INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-10855.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                                           | M/I Homes Inc                                                       | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |       4074 | NS      | $588448.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Port of Beaumont Navigation District                    | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE                   | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |     520000 | PA      | $522721.28    | 0.03%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                     | Coinbase Global Inc                                                 | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |        789 | NS      | $266279.61    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR S+P REGIONAL BANKING ETF                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -533 | NC      | $-16523.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                  | ALPHABET INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -50 | NC      | $-196500.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NOODLE INC                                              | NOODLE INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     196272 | NS      | $296370.72    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MYTHIC AI INC                                           | MYTHIC AI INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        816 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THAMES WATER SUPER SEN                                  | Thames Water Super Senior Issuer PLC                                | CUSIP: 000000000<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |       8519 | PA      | $12697.10     | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: EUR 2.200000 04-JUN-2030 EUR                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2989315 | OU      | $-23423.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR S+P 500 ETF TRUST                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        231 | NC      | $103372.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo II Ltd                                                 | CUSIP: 96466CBE7<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |    2750000 | PA      | $2772442.48   | 0.17%             | 2037-10-24      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| GC TREASURY CENTRE CO                                   | GC Treasury Center Co Ltd                                           | CUSIP: 000000000<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |     250000 | PA      | $254062.50    | 0.02%             | 2030-09-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                     | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     102000 | PA      | $121266.72    | 0.01%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CURRENTA GROUP HOLDINGS                                 | Currenta Group Holdings Sarl                                        | CUSIP: 000000000<br>LEI: 222100SF79KCJKYUPE47 | Long             | DBT              | CORP              | LU        |     163000 | PA      | $192889.15    | 0.01%             | 2032-05-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Vita Global FinCo Limited                               | Vita Global FinCo Limited EUR Term Loan B                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | JE        |    5100622 | PA      | $4970362.79   | 0.30%             | 2027-07-06      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGIES CORP                     | SPACE EXPLORATION TECHNOLOGIES CORP                                 | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | STIV             | CORP              | US        |      22040 | NS      | $4510265.60   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hambridge Euro CLO DAC                                  | Hambridge Euro Clo 1 DAC                                            | CUSIP: 000000000<br>LEI: 635400P8G4JAUUUQGV26 | Long             | ABS-CBDO         | CORP              | IE        |     210000 | PA      | $246550.64    | 0.02%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUXL 30Y BND DEC25                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -20 | NC      | $-77040.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                    | Mehilainen Yhtiot Oy                                                | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |     152000 | PA      | $182240.77    | 0.01%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                     | CUSIP: 46592EAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   43240205 | PA      | $1218258.18   | 0.07%             | 2051-06-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                  | CD&R Firefly Bidco PLC                                              | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $141299.52    | 0.01%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                              | BYD Co Ltd                                                          | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     306000 | NS      | $4325211.49   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| APCOA HOLDINGS GMBH                                     | APCOA Group GmbH/Germany                                            | CUSIP: 000000000<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |     307000 | PA      | $362758.73    | 0.02%             | 2031-04-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                              | Capital One Financial Corp                                          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      44119 | NS      | $9378817.02   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CML La Quinta Resort                                    | CML La Quinta Resort Term Loan                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6800000 | PA      | $6800000.00   | 0.42%             | 2026-12-09      | Floating      | 7.35%                 | No            |                  3 | On Loan: No      |
| LENDLEASE ASIA TREASURY                                 | Lendlease Asia Treasury Pte Ltd                                     | CUSIP: 000000000<br>LEI: 254900RDMI6PPK5EN222 | Long             | DBT              | CORP              | SG        |     250000 | PA      | $194290.48    | 0.01%             | 2030-09-30      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal              | CAN 10YR BOND FUT DEC25                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         22 | NC      | $44231.59     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                           | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     349000 | PA      | $421279.16    | 0.03%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIQUE PUB FINANCE CO                                   | Unique Pub Finance Co PLC/The                                       | CUSIP: 000000000<br>LEI: 213800FOMWLKHQTI5562 | Long             | DBT              | CORP              | GB        |     296659 | PA      | $416427.34    | 0.03%             | 2032-03-30      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ADLER PELZER HLDG GMBH                                  | Adler Pelzer Holding GmbH                                           | CUSIP: 000000000<br>LEI: 984500950ABB2CB7E742 | Long             | DBT              | CORP              | DE        |     173000 | PA      | $193206.77    | 0.01%             | 2027-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BREEZE AVIATION GROUP INC                               | BREEZE AVIATION GROUP INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     836027 | PA      | $869467.88    | 0.05%             | 2028-01-30      | Fixed         | 20.00%                | Yes           |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                             | SWP: OIS 4.500000 08-MAY-2026 SOF                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   25254000 | OU      | $110335.71    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FLYR SERIES D X WRNT 12/31/49                           | FLYR SERIES D X WRNT 12/31/49                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       5990 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWP: OIS 9.965000 04-JAN-2027 BZD                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   14577981 | OU      | $-300093.26   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                           | RCI Banque SA                                                       | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |     600000 | PA      | $740978.36    | 0.05%             | 2034-10-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | SWP: GBP 4.000000 16-JAN-2030 SON                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   13498200 | OU      | $87740.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Confluent Inc                                           | Confluent Inc                                                       | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     131710 | NS      | $2607858.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED USD / SOLD JPY                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |          1 | NC      | $-307.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES PREF EQIUTY/PFD                          | DAVIDSON HOMES PREF EQIUTY/PFD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       7345 | NS      | $7971381.60   | 0.49%             |  |  |  | No            |                  3 | On Loan: No      |
| AFFLELOU SAS                                            | Afflelou SAS                                                        | CUSIP: 000000000<br>LEI: 969500I7CS80FNB7CZ43 | Long             | DBT              | CORP              | FR        |     292000 | PA      | $357600.26    | 0.02%             | 2029-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $20103.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Progress Residential Trust                              | Progress Residential 2021-SFR3                                      | CUSIP: 74333VAS3<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    1140000 | PA      | $1133052.73   | 0.07%             | 2026-05-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | SPDR GOLD SHARES                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -482 | NC      | $-33740.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 First Out Term Loan                             | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |     205403 | PA      | $173222.40    | 0.01%             | 2028-04-28      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | COSTCO WHOLESALE CORP                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-407.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse ABS Repackaging Trust                     | Credit Suisse ABS Repackaging Trust 2013-A                          | CUSIP: 22546U108<br>LEI: 549300MV4IKF86LLTT11 | Long             | ABS-O            | CORP              | US        |       4744 | PA      | $1684120.00   | 0.10%             | 2043-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                                  | EQT CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -31 | NC      | $-3968.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HEATHROW FINANCE PLC                                    | Heathrow Finance PLC                                                | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |     639000 | PA      | $863502.71    | 0.05%             | 2031-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                  | BOSTON SCIENTIFIC CORP                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -41 | NC      | $-8917.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer