# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-25-005412
**Filing Date:** 2025-10
**Character Count:** 128598
**Document Hash:** 7bd5ee85d03c4465dbcfe2b3fc53e875
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005412.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000940400-25-005412

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251419568

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BLACKROCK HIGH EQUITY INCOME FUND (Series ID: S000001509)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000004057 | INSTITUTIONAL | BMCIX           |
| C000004059 | INVESTOR A    | BMEAX           |
| C000004061 | INVESTOR C    | BMECX           |
| C000219259 | Class K       |  |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock High Equity Income Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Airbus SE | 37548 | $7850126 |
| Boeing Co. (The)<sup>(a)</sup> | 54874 | 12877830 |
| L3Harris Technologies, Inc. | 25141 | 6979645 |
| RTX Corp. | 74687 | 11845358 |
|  |  | 39552959 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |
| Aptiv PLC<sup>(a)</sup> | 113030 | 8989276 |
| Lear Corp. | 45911 | 5050210 |
|  |  | 14039486 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| General Motors Co. | 129385 | 7580667 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| Bank of America Corp. | 137294 | 6966298 |
| Citigroup, Inc. | 528480 | 51035314 |
| First Citizens BancShares, Inc., Class A | 14872 | 29504709 |
| Flagstar Financial, Inc. | 670875 | 8600617 |
| Wells Fargo & Co. | 335959 | 27609111 |
|  |  | 123716049 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Keurig Dr. Pepper, Inc. | 251275 | 7309590 |
| **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** |
| Amazon.com, Inc.<sup>(a)</sup> | 155721 | 35660109 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | 49068 | 5898955 |
|  |  | 41559064 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| Fortune Brands Innovations, Inc. | 279421 | 16351717 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Carlyle Group, Inc. (The) | 206891 | 13356883 |
| Charles Schwab Corp. (The) | 83850 | 8036184 |
| Intercontinental Exchange, Inc. | 59592 | 10523947 |
|  |  | 31917014 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Air Products & Chemicals, Inc. | 32639 | 9599456 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 276560 | 8645266 |
| International Flavors & Fragrances, Inc. | 133196 | 8992062 |
| PPG Industries, Inc. | 90314 | 10045626 |
|  |  | 37282410 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Rentokil Initial PLC | 2709357 | 13395849 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Cisco Systems, Inc. | 222725 | 15388070 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Dollar General Corp. | 109951 | 11958271 |
| Dollar Tree, Inc.<sup>(a)</sup> | 73538 | 8028143 |
|  |  | 19986414 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Sealed Air Corp. | 388776 | 12623557 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| Verizon Communications, Inc. | 255612 | 11305719 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| American Electric Power Co., Inc. | 52136 | 5788139 |
| Evergy, Inc. | 109290 | 7788005 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Exelon Corp. | 306952 | $13407663 |
| PG&E Corp. | 296785 | 4534875 |
|  |  | 31518682 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1 | 163 |
| Ralliant Corp.<sup>(a)</sup> | 130063 | 5437934 |
|  |  | 5438097 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Electronic Arts, Inc. | 88473 | 15212933 |
| Walt Disney Co. (The) | 43911 | 5198184 |
|  |  | 20411117 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Fidelity National Information Services, Inc. | 331284 | 23126936 |
| Global Payments, Inc. | 73913 | 6564952 |
| Visa, Inc., Class A | 11324 | 3983557 |
| Voya Financial, Inc. | 181721 | 13645430 |
|  |  | 47320875 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Kraft Heinz Co. (The) | 172931 | 4836880 |
| Lamb Weston Holdings, Inc. | 169317 | 9740807 |
| The Campbell's Co. | 250510 | 7998784 |
|  |  | 22576471 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Canadian National Railway Co. | 59880 | 5796808 |
| CSX Corp. | 28250 | 918407 |
| Union Pacific Corp. | 19560 | 4373029 |
|  |  | 11088244 |
| **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** |
| Baxter International, Inc. | 968888 | 23921845 |
| Becton Dickinson & Co. | 177469 | 34247967 |
| Medtronic PLC | 221506 | 20557972 |
|  |  | 78727784 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| Cardinal Health, Inc. | 105038 | 15627553 |
| Centene Corp.<sup>(a)</sup> | 93367 | 2711378 |
| CVS Health Corp. | 349628 | 25575288 |
| Elevance Health, Inc. | 62717 | 19984772 |
| Labcorp Holdings, Inc. | 21723 | 6038777 |
|  |  | 69937768 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Healthcare Realty Trust, Inc. | 438710 | 7624780 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Henkel AG & Co. KGaA, NVS | 174333 | 14715500 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Rexford Industrial Realty, Inc. | 200715 | 8311608 |
| STAG Industrial, Inc. | 170769 | 6292838 |
|  |  | 14604446 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| American International Group, Inc. | 116675 | 9488011 |
| Fidelity National Financial, Inc., Class A | 219007 | 13111949 |
| Willis Towers Watson PLC | 28369 | 9270706 |
|  |  | 31870666 |
| **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** |
| Alphabet, Inc., Class C, NVS | 106440 | 22728133 |
| Meta Platforms, Inc., Class A | 13728 | 10140874 |
|  |  | 32869007 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Cognizant Technology Solutions Corp., Class A | 72253 | $5220279 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Hasbro, Inc. | 106344 | 8631942 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| ICON PLC<sup>(a)</sup> | 18820 | 3348831 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| CNH Industrial NV | 395556 | 4529116 |
| Fortive Corp. | 112025 | 5361517 |
| Middleby Corp. (The)<sup>(a)</sup> | 84690 | 11589826 |
|  |  | 21480459 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| Comcast Corp., Class A | 565836 | 19221449 |
| WPP PLC | 3446643 | 18276248 |
|  |  | 37497697 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| Barrick Mining Corp. | 281040 | 7484095 |
| Teck Resources Ltd., Class B | 195272 | 6676350 |
|  |  | 14160445 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 89589 | 7396468 |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| BP PLC | 4695889 | 27469189 |
| Chevron Corp. | 89936 | 14443721 |
| Kosmos Energy Ltd.<sup>(a)(b)</sup> | 7054416 | 12627405 |
| Shell PLC | 507143 | 18672685 |
|  |  | 73213000 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| Bayer AG, Registered Shares | 320717 | 10551774 |
| Bristol-Myers Squibb Co. | 172810 | 8153176 |
| Sanofi SA | 178500 | 17709345 |
|  |  | 36414295 |
| **Professional Services — 2.1%** | **Professional Services — 2.1%** | **Professional Services — 2.1%** |
| Leidos Holdings, Inc. | 73568 | 13309923 |
| SS&C Technologies Holdings, Inc. | 297056 | 26336985 |
|  |  | 39646908 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| AvalonBay Communities, Inc. | 48090 | 9418426 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| NVIDIA Corp. | 25590 | 4457266 |
| STMicroelectronics NV, NY Shares, ADR | 223613 | 6035315 |
|  |  | 10492581 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Microsoft Corp. | 40252 | 20395286 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Crown Castle, Inc. | 52433 | 5198208 |
| **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** |
| Hewlett Packard Enterprise Co. | 260490 | 5879259 |
| HP, Inc. | 550499 | 15711241 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd., Registered Shares, <br> GDR<sup>(c)</sup><br>| 28336 | 35047753 |
| Western Digital Corp. | 240873 | 19351737 |
|  |  | 75989990 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| NIKE, Inc., Class B | 33307 | $2576963 |
| Swatch Group AG (The) | 53966 | 9757874 |
|  |  | 12334837 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| British American Tobacco PLC | 208876 | 11861579 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| WESCO International, Inc. | 31640 | 6955738 |
| **Total Common Stocks — 61.5%** <br>**(Cost: $960,318,487)** | **Total Common Stocks — 61.5%** <br>**(Cost: $960,318,487)** | 1180368971 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Equity-Linked Notes** | **Equity-Linked Notes** | **Equity-Linked Notes** | **Equity-Linked Notes** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| Barclays Capital, Inc. (Airbus SE) 20.03% 10/07/25 | EUR  | 27600 | 5776328 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Boeing Co. (The)) <br> Series DMUX 21.46% 09/22/25<br>| USD  | 40400 | 9198982 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (RTX Corp.) 19.65% <br> 09/25/25<br>|  | 55200 | 8731193 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (L3Harris Technologies, Inc.) <br> 18.90% 09/08/25<br>|  | 55100 | 14900701 |
|  |  |  | 38607204 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Aptiv PLC) 22.81% <br> 09/22/25<br>|  | 83500 | 6013797 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Lear Corp.) 25.53% <br> 09/22/25<br>|  | 33900 | 3358920 |
|  |  |  | 9372717 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (General <br> Motors Co.) 22.86% 10/20/25<br>|  | 95500 | 5595345 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (First Citizens <br> BancShares, Inc.) 19.81% 09/11/25<br>|  | 11900 | 23658043 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Wells Fargo & Co.) <br> Series MTMg 20.47% 10/14/25<br>|  | 248200 | 19633832 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Flagstar Financial, Inc.) <br> 25.75% 09/25/25<br>|  | 402400 | 4684861 |
|  |  |  | 47976736 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Keurig Dr. Pepper, Inc.) <br> Series EmTt 20.77% 10/16/25<br>|  | 185600 | 5517669 |
| **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (PDD Holdings, Inc.) <br> Series DMUZ 27.48% 09/22/25<br>|  | 36100 | 4321752 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Amazon.com, Inc.) <br> 18.26% 09/15/25<br>|  | 102500 | 23644401 |
|  |  |  | 27966153 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Fortune Brands <br> Innovations, Inc.) Series DMUY 21.44% 09/22/25<br>|  | 168800 | 9672493 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Charles Schwab Corp. <br> (The)) 22.05% 09/25/25<br>|  | 61900 | 5936286 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Carlyle Group, Inc. (The)) <br> 22.57% 10/16/25<br>| USD  | 152900 | $9724735 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Intercontinental Exchange, <br> Inc.) 11.14% 10/09/25<br>|  | 44000 | 7833555 |
|  |  |  | 23494576 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. (PPG Industries, Inc.) 21.08% <br> 09/11/25<br>|  | 66700 | 7428507 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (International Flavors & <br> Fragrances, Inc.) 25.43% 10/09/25<br>|  | 98300 | 6542722 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Air Products & Chemicals, Inc.) <br> 15.30% 10/02/25<br>|  | 24000 | 7007420 |
|  |  |  | 20978649 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. (Rentokil Initial PLC) 30.00% <br> 09/01/25<br>| GBP  | 1661600 | 7969881 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Rentokil Initial PLC) <br> 18.00% 10/23/25<br>|  | 2002400 | 9675304 |
|  |  |  | 17645185 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Cisco <br> Systems, Inc.) 14.33% 09/15/25<br>| USD  | 164600 | 11406428 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Dollar General Corp.) <br> 25.77% 09/29/25<br>|  | 81200 | 8887772 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Dollar Tree, Inc.) <br> 32.70% 09/15/25<br>|  | 54200 | 5938712 |
|  |  |  | 14826484 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (Sealed Air <br> Corp.) 24.65% 10/09/25<br>|  | 140100 | 4302957 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Sealed Air Corp.) 23.49% <br> 10/14/25<br>|  | 147238 | 4693559 |
|  |  |  | 8996516 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Verizon <br> Communications, Inc.) 15.07% 10/14/25<br>|  | 188900 | 8358275 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Exelon Corp.) <br> 19.40% 10/16/25<br>|  | 226800 | 10005576 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (American Electric Power <br> Co., Inc.) 19.05% 09/22/25<br>|  | 38400 | 4294967 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Evergy, Inc.) 18.52% <br> 09/25/25<br>|  | 80700 | 5777248 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (PG&E Corp.) 27.02% <br> 09/08/25<br>|  | 219200 | 3120078 |
|  |  |  | 23197869 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Walt Disney <br> Co. (The)) 22.18% 10/16/25<br>|  | 32300 | 3790029 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Electronic Arts, Inc.) <br> 13.71% 10/02/25<br>|  | 65300 | 10906002 |
|  |  |  | 14696031 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Fidelity National <br> Information Services, Inc.) 19.57% 09/29/25<br>|  | 194900 | 13632999 |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Visa, Inc.) 21.42% <br> 09/08/25<br>|  | 12500 | 4394094 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Global <br> Payments, Inc.) 22.71% 09/15/25<br>| USD  | 44200 | $3856758 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Voya Financial, Inc.) 22.40% <br> 10/02/25<br>|  | 105200 | 7629146 |
|  |  |  | 29512997 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (Lamb Weston <br> Holdings, Inc.) 31.98% 10/20/25<br>|  | 125000 | 7026250 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (The <br> Campbell's Co.) 33.30% 10/03/25<br>|  | 185100 | 5910537 |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Kraft Heinz Co. (The)) <br> 23.02% 09/08/25<br>|  | 411200 | 11506796 |
|  |  |  | 24443583 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Union Pacific <br> Corp.) 18.54% 10/03/25<br>|  | 14400 | 3190977 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (CSX Corp.) 21.86% <br> 09/25/25<br>|  | 130100 | 4292201 |
|  |  |  | 7483178 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Koninklijke Philips NV) <br> Series DMT0 17.77% 09/18/25<br>| EUR  | 160900 | 4468437 |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Medtronic <br> PLC) 16.12% 10/20/25<br>| USD  | 163700 | 15076836 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Baxter International, Inc.) <br> 24.02% 10/14/25<br>|  | 581300 | 14309506 |
|  |  |  | 33854779 |
| **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (Centene Corp.) <br> 43.88% 10/09/25<br>|  | 68900 | 1903997 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (CVS Health Corp.) <br> 20.03% 10/09/25<br>|  | 310810 | 21384322 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Labcorp Holdings, Inc.) <br> Series MTMh 17.64% 10/14/25<br>|  | 15900 | 4396182 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Cardinal Health, Inc.) <br> 20.41% 09/15/25<br>|  | 77500 | 11643297 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (Elevance Health, Inc.) <br> 18.35% 09/08/25<br>|  | 17300 | 5481011 |
|  |  |  | 44808809 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (Healthcare Realty <br> Trust, Inc.) 22.22% 10/03/25<br>|  | 240000 | 4105290 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Henkel AG & Co. KGaA) <br> 11.00% 09/18/25<br>| EUR  | 128800 | 10597512 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (STAG Industrial, Inc.) <br> 17.32% 10/20/25<br>| USD  | 126100 | 4565198 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Rexford Industrial Realty, Inc.) <br> 24.90% 10/03/25<br>|  | 110200 | 4237867 |
|  |  |  | 8803065 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Fidelity <br> National Financial, Inc.) 16.92% 10/09/25<br>|  | 102700 | 6146408 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (American International <br> Group, Inc.) 19.31% 09/29/25<br>|  | 120500 | 9702438 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Fidelity National <br> Financial, Inc.) 20.82% 10/02/25<br>| USD  | 106900 | $6324609 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Willis Towers Watson PLC) <br> 20.50% 09/08/25<br>|  | 31300 | 9784867 |
|  |  |  | 31958322 |
| **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (Alphabet, Inc.) 23.09% <br> 09/25/25<br>|  | 78500 | 15341586 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Meta Platforms, Inc.) <br> 19.55% 10/02/25<br>|  | 10000 | 7466933 |
|  |  |  | 22808519 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Cognizant Technology <br> Solutions Corp.) 20.18% 09/22/25<br>|  | 72300 | 5206062 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Hasbro, Inc.) 24.31% <br> 09/29/25<br>|  | 78500 | 6237959 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (CNH Industrial NV) <br> Series EmTv 25.69% 10/16/25<br>|  | 292300 | 3410543 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Fortive Corp.) <br> Series MTMi 19.77% 10/14/25<br>|  | 82800 | 3970679 |
|  |  |  | 7381222 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (Comcast Corp.) <br> 20.04% 09/22/25<br>|  | 418100 | 14003273 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (Teck Resources Ltd.) <br> 33.82% 10/20/25<br>|  | 144300 | 4804613 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Barrick Mining Corp.) <br> 27.14% 10/02/25<br>|  | 148300 | 3644062 |
|  |  |  | 8448675 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| UBS Securities LLC (Sempra) 18.30% 09/29/25 |  | 66100 | 5420461 |
| **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** |
| Barclays Capital, Inc. (BP PLC) 29.35% 09/01/25 | GBP  | 2207200 | 12357285 |
| Barclays Capital, Inc. (BP PLC) 19.60% 10/23/25 |  | 2817400 | 16320698 |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (Shell PLC) 18.02% <br> 10/07/25<br>|  | 374700 | 13473776 |
|  |  |  | 42151759 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Barclays Capital, Inc. (Bayer AG) 29.34% 09/18/25 | EUR  | 237000 | 7816648 |
| Barclays Capital, Inc. (Sanofi SA) 19.75% 09/01/25 |  | 132900 | 13127321 |
| Barclays Capital, Inc. (Sanofi SA) 21.95% 10/23/25 |  | 131800 | 13181944 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (Bristol-Myers Squibb <br> Co.) Series N10g 18.25% 10/03/25<br>| USD  | 127600 | 5881955 |
|  |  |  | 40007868 |
| **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (SS&C <br> Technologies Holdings, Inc.) 14.04% 10/09/25<br>|  | 114600 | 10110595 |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC (SS&C Technologies <br> Holdings, Inc.) 15.52% 09/29/25<br>|  | 104800 | 9159547 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Leidos Holdings, Inc.) 14.80% <br> 10/02/25<br>|  | 54300 | 9725748 |
|  |  |  | 28995890 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (AvalonBay <br> Communities, Inc.) 22.39% 09/25/25<br>|  | 28300 | 5327561 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation <br> (STMicroelectronics NV) 21.93% 09/11/25<br>| USD  | 159600 | $4320768 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. (NVIDIA Corp.) <br> 30.61% 10/20/25<br>|  | 15300 | 2774961 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC (Intel Corp.) 31.52% <br> 09/15/25<br>|  | 78600 | 1888897 |
|  |  |  | 8984626 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. (Microsoft Corp.) 14.66% <br> 09/11/25<br>|  | 28000 | 14186026 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. (Crown Castle, <br> Inc.) 21.62% 10/16/25<br>|  | 38600 | 3913654 |
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. (Western Digital Corp.) <br> 26.64% 09/11/25<br>|  | 160400 | 11494272 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corporation (Hewlett <br> Packard Enterprise Co.) 40.75% 10/03/25<br>|  | 192400 | 4201635 |
| &nbsp;&nbsp;&nbsp; JP Morgan Securities LLC (HP, Inc.) Series EmTu <br> 30.69% 10/16/25<br>|  | 406800 | 11367567 |
|  |  |  | 27063474 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. (NIKE, Inc.) 20.96% <br> 09/15/25<br>|  | 24500 | 1882662 |
| &nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. (Swatch Group AG <br> (The)) Series 0026 23.12% 10/07/25<br>| CHF  | 43600 | 7690396 |
|  |  |  | 9573058 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. (British American Tobacco <br> PLC) 16.33% 09/18/25<br>| GBP  | 214200 | 11766020 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets LLC (WESCO International, <br> Inc.) 25.59% 10/02/25<br>| USD  | 23300 | 4903550 |
| **Total Equity-Linked Notes — 39.1%** <br>**(Cost: $745,321,614)** | **Total Equity-Linked Notes — 39.1%** <br>**(Cost: $745,321,614)** | **Total Equity-Linked Notes — 39.1%** <br>**(Cost: $745,321,614)** | 750255522 |
| **Total Long-Term Investments — 100.6%** <br>**(Cost: $1,705,640,101)** | **Total Long-Term Investments — 100.6%** <br>**(Cost: $1,705,640,101)** | **Total Long-Term Investments — 100.6%** <br>**(Cost: $1,705,640,101)** | 1930624493 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.4%** | **Money Market Funds — 3.4%** | **Money Market Funds — 3.4%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| 3222492 | $3224104 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.16%<sup>(d)(e)</sup><br>| 62771329 | 62771329 |
| **Total Short-Term Securities — 3.4%** <br>**(Cost: $65,995,136)** | **Total Short-Term Securities — 3.4%** <br>**(Cost: $65,995,136)** | 65995433 |
| **Total Investments — 104.0%** <br>**(Cost: $1,771,635,237)** | **Total Investments — 104.0%** <br>**(Cost: $1,771,635,237)** | 1996619926 |
| **Liabilities in Excess of Other Assets — (4.0)%** | **Liabilities in Excess of Other Assets — (4.0)%** | (76429908)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1920190018 |

---

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

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

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

<sup>(c)</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>(d)</sup> Affiliate of the Fund.

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; $6296800<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(3073450 )<sup>(a)</sup><br>| &nbsp;&nbsp; $457 | &nbsp;&nbsp; $297 | &nbsp;&nbsp; $3224104 | &nbsp;&nbsp; 3222492 | &nbsp;&nbsp; $3284 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 83051080<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (20279751 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62771329 | &nbsp;&nbsp; 62771329 | &nbsp;&nbsp; 670910 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $457 | &nbsp;&nbsp; $297 | &nbsp;&nbsp; $65995433 |  | &nbsp;&nbsp; $674194 | &nbsp;&nbsp; $— |

---

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

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

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

&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;• 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

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $31702833 | &nbsp;&nbsp; $7850126 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39552959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp; 14039486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14039486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 7580667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7580667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 123716049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123716049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 7309590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7309590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 41559064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41559064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 16351717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16351717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 31917014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31917014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 37282410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37282410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; 13395849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13395849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 15388070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15388070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 19986414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19986414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 12623557 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12623557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 11305719 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11305719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 31518682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31518682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5438097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5438097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 20411117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20411117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 47320875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47320875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 22576471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22576471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 11088244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11088244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 78727784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78727784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 69937768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69937768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp; 7624780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7624780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 14715500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14715500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp; 14604446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14604446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 31870666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31870666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 32869007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32869007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 5220279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5220279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp; 8631942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8631942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 3348831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3348831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 21480459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21480459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 19221449 | &nbsp;&nbsp; 18276248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37497697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 14160445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14160445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp; 7396468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7396468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 27071126 | &nbsp;&nbsp; 46141874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73213000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 8153176 | &nbsp;&nbsp; 28261119 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36414295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 39646908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39646908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp; 9418426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9418426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 10492581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10492581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 20395286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20395286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp; 5198208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5198208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 40942237 | &nbsp;&nbsp; 35047753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75989990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2576963 | &nbsp;&nbsp; 9757874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12334837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp; — | &nbsp;&nbsp; 11861579 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11861579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; 6955738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6955738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-Linked Notes  | &nbsp;&nbsp; — | &nbsp;&nbsp; 750255522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 750255522 |
| &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; 65995433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65995433 |
|  | &nbsp;&nbsp; $1061056482 | &nbsp;&nbsp; $935563444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1996619926 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock High Equity Income Fund**

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

------

## 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 Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

- **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 High Equity Income Fund

- **b. EDGAR series identifier (if any):** S000001509

- **c. LEI of Series:** 5P4Q4JLCZIQPV2V8P740

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**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:** $2012505022.93

**Total Liabilities:** $101440258.27

**Net Assets:** $1911064764.66

**Cash Not Reported:** $1498532.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.63000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 977.36000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004057 | 3.73%                | 0.46%                | 3.53%                |
| Class ID C000004059 | 3.69%                | 0.41%                | 3.53%                |
| Class ID C000004061 | 3.64%                | 0.32%                | 3.47%                |
| Class ID C000219259 | 3.70%                | 0.47%                | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18013367.61             | $35294646.35                               |
| Month 2  | $18113899.05             | $-21015716.35                              |
| Month 3  | $1869057.11              | $51376759.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (MICROSOFT CORP) 14.66 09/11/2025 (MSFT US)                                 | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |     28000 | PA      | $14186026.30  | 0.74%             | 2025-09-11      | Fixed         | 14.66%                | No            |                  2 | On Loan: No      |
| Electronic Arts Inc                   | Electronic Arts Inc                                                                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     88473 | NS      | $15212932.35  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                     | CNH Industrial NV                                                                                 | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |    395556 | NS      | $4529116.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                    | Union Pacific Corp                                                                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     19560 | NS      | $4373029.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                    | Teck Resources Ltd                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    195272 | NS      | $6676349.68   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                         | Citigroup Inc                                                                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    528480 | NS      | $51035313.60  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (SEMPRA) 18.30 09/29/2025 (SRE US)                                             | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |     66100 | PA      | $5420460.76   | 0.28%             | 2025-09-29      | Fixed         | 18.30%                | No            |                  2 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (WILLIS TOWERS WATSON PLC) 20.50 09/08/2025 (WTW US)                           | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |     31300 | PA      | $9784866.77   | 0.51%             | 2025-09-08      | Fixed         | 20.50%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (HP INC) 30.69 10/16/2025 (HPQ US)                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    406800 | PA      | $11367566.82  | 0.59%             | 2025-10-16      | Fixed         | 30.69%                | No            |                  2 | On Loan: No      |
| Alphabet Inc                          | Alphabet Inc                                                                                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    106440 | NS      | $22728133.20  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (PDD HOLDINGS INC) 27.48 09/22/2025 (PDD US)                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |     36100 | PA      | $4321752.36   | 0.23%             | 2025-09-22      | Fixed         | 27.48%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (SANOFI SA) 19.75 09/01/2025 (SAN FP)                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |    132900 | PA      | $13127321.17  | 0.69%             | 2025-09-01      | Fixed         | 19.75%                | No            |                  2 | On Loan: No      |
| IFF                                   | International Flavors & Fragrances Inc                                                            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |    133196 | NS      | $8992061.96   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                  | Bank of America Corp                                                                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    137294 | NS      | $6966297.56   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (TECK RESOURCES LTD) 33.82 10/20/2025 (TECK US)                         | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    144300 | PA      | $4804612.80   | 0.25%             | 2025-10-20      | Fixed         | 33.82%                | No            |                  2 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (EVERGY INC) 18.52 09/25/2025 (EVRG US)                                | CUSIP: 83371P762<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     80700 | PA      | $5777247.39   | 0.30%             | 2025-09-25      | Fixed         | 18.52%                | No            |                  2 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (COMCAST CORP) 20.04 09/22/2025 (CMCSA US)                              | CUSIP: 06370D225<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |    418100 | PA      | $14003273.19  | 0.73%             | 2025-09-22      | Fixed         | 20.04%                | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings Inc              | Lamb Weston Holdings Inc                                                                          | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |    169317 | NS      | $9740807.01   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                 | STMicroelectronics NV                                                                             | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |    223613 | NS      | $6035314.87   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (FLAGSTAR FINANCIAL INC) 25.75 09/25/2025 (FLG US)                        | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |    402400 | PA      | $4684860.52   | 0.25%             | 2025-09-25      | Fixed         | 25.75%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (WELLS FARGO & CO) 20.47 10/14/2025 (WFC US)                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    248200 | PA      | $19633832.13  | 1.03%             | 2025-10-14      | Fixed         | 20.47%                | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (INTERNATIONAL FLAVORS & FRAGRANCES INC) 25.43 10/09/2025 (IFF US)        | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |     98300 | PA      | $6542722.32   | 0.34%             | 2025-10-09      | Fixed         | 25.43%                | No            |                  2 | On Loan: No      |
| Chevron Corp                          | Chevron Corp                                                                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89936 | NS      | $14443721.60  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (SHELL PLC) 18.02 10/07/2025 (SHEL LN)                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |    374700 | PA      | $13473775.60  | 0.71%             | 2025-10-07      | Fixed         | 18.02%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (WESTERN DIGITAL CORP) 26.64 09/11/2025 (WDC US)                            | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |    160400 | PA      | $11494271.80  | 0.60%             | 2025-09-11      | Fixed         | 26.64%                | No            |                  2 | On Loan: No      |
| Boeing Co/The                         | Boeing Co/The                                                                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     54874 | NS      | $12877830.32  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co         | Hewlett Packard Enterprise Co                                                                     | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    260490 | NS      | $5879259.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (HASBRO INC) 24.31 09/29/2025 (HAS US)                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     78500 | PA      | $6237959.45   | 0.33%             | 2025-09-29      | Fixed         | 24.31%                | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (CROWN CASTLE INC) 21.62 10/16/2025 (CCI US)                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |     38600 | PA      | $3913654.00   | 0.20%             | 2025-10-16      | Fixed         | 21.62%                | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                  | Rentokil Initial PLC                                                                              | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |   2709357 | NS      | $13395848.52  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                    | Walt Disney Co/The                                                                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     43911 | NS      | $5198184.18   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (CHARLES SCHWAB CORP/THE) 22.05 09/25/2025 (SCHW US)                   | CUSIP: 83371P739<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     61900 | PA      | $5936286.34   | 0.31%             | 2025-09-25      | Fixed         | 22.05%                | No            |                  2 | On Loan: No      |
| HP Inc                                | HP Inc                                                                                            | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    550499 | NS      | $15711241.46  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (WALT DISNEY CO/THE) 22.18 10/16/2025 (DIS US)                | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |     32300 | PA      | $3790029.21   | 0.20%             | 2025-10-16      | Fixed         | 22.18%                | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (PG&E CORP) 27.02 09/08/2025 (PCG US)                                     | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |    219200 | PA      | $3120077.84   | 0.16%             | 2025-09-08      | Fixed         | 27.02%                | No            |                  2 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (VISA INC) 21.42 09/08/2025 (V US)                                      | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |     12500 | PA      | $4394094.44   | 0.23%             | 2025-09-08      | Fixed         | 21.42%                | No            |                  2 | On Loan: No      |
| Elevance Health Inc                   | Elevance Health Inc                                                                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     62717 | NS      | $19984772.05  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc        | Air Products and Chemicals Inc                                                                    | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     32639 | NS      | $9599456.29   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (LEAR CORP) 25.53 09/22/2025 (LEA US)                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     33900 | PA      | $3358919.49   | 0.18%             | 2025-09-22      | Fixed         | 25.53%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (FIRST CITIZENS BANCSHARES INC/NC) 19.81 09/11/2025 (FCNCA US) | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |     11900 | PA      | $23658043.03  | 1.24%             | 2025-09-11      | Fixed         | 19.81%                | No            |                  2 | On Loan: No      |
| Medtronic PLC                         | Medtronic PLC                                                                                     | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    221506 | NS      | $20557971.86  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                              | CSX Corp                                                                                          | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     28250 | NS      | $918407.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/        | First Citizens BancShares Inc/NC                                                                  | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     14872 | NS      | $29504709.52  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (AMERICAN INTERNATIONAL GROUP INC) 19.31 09/29/2025 (AIG US)            | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |    120500 | PA      | $9702437.89   | 0.51%             | 2025-09-29      | Fixed         | 19.31%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.         | CITIGROUP GLOBAL MARKETS INC. (NVIDIA CORP) 30.61 10/20/2025 (NVDA US)                            | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | DBT              | CORP              | US        |     15300 | PA      | $2774961.00   | 0.15%             | 2025-10-20      | Fixed         | 30.61%                | No            |                  2 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (NIKE INC) 20.96 09/15/2025 (NKE US)                                    | CUSIP: 06370D217<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |     24500 | PA      | $1882661.95   | 0.10%             | 2025-09-15      | Fixed         | 20.96%                | No            |                  2 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (CVS HEALTH CORP) 20.03 10/09/2025 (CVS US)                             | CUSIP: 06370D415<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |    310810 | PA      | $21384322.19  | 1.12%             | 2025-10-09      | Fixed         | 20.03%                | No            |                  2 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (REXFORD INDUSTRIAL REALTY INC) 24.90 10/03/2025 (REXR US)                     | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |    110200 | PA      | $4237866.60   | 0.22%             | 2025-10-03      | Fixed         | 24.90%                | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC              | Willis Towers Watson PLC                                                                          | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |     28369 | NS      | $9270705.51   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I        | American International Group Inc                                                                  | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    116675 | NS      | $9488011.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS Health Corp                                                                                   | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    349628 | NS      | $25575288.20  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (BRITISH AMERICAN TOBACCO PLC) 16.33 09/18/2025 (BATS LN)                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |    214200 | PA      | $11766019.61  | 0.62%             | 2025-09-18      | Fixed         | 16.33%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (RENTOKIL INITIAL PLC) 30.00 09/01/2025 (RTO LN)                            | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |   1661600 | PA      | $7969880.82   | 0.42%             | 2025-09-01      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Leidos Holdings Inc                   | Leidos Holdings Inc                                                                               | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     73568 | NS      | $13309922.56  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc           | Healthcare Realty Trust Inc                                                                       | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    438710 | NS      | $7624779.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (META PLATFORMS INC) 19.55 10/02/2025 (META US)                         | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $7466932.60   | 0.39%             | 2025-10-02      | Fixed         | 19.55%                | No            |                  2 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (STAG INDUSTRIAL INC) 17.32 10/20/2025 (STAG US)                        | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    126100 | PA      | $4565198.30   | 0.24%             | 2025-10-20      | Fixed         | 17.32%                | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (BAXTER INTERNATIONAL INC) 24.02 10/14/2025 (BAX US)                      | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |    581300 | PA      | $14309506.02  | 0.75%             | 2025-10-14      | Fixed         | 24.02%                | No            |                  2 | On Loan: No      |
| Microsoft Corp                        | Microsoft Corp                                                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40252 | NS      | $20395285.88  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (VERIZON COMMUNICATIONS INC) 15.07 10/14/2025 (VZ US)                   | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    188900 | PA      | $8358275.40   | 0.44%             | 2025-10-14      | Fixed         | 15.07%                | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund      | BlackRock Liquidity Funds T-Fund                                                                  | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |  62045573 | NS      | $62045572.90  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                             | Aptiv PLC                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    113030 | NS      | $8989275.90   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In        | Fidelity National Financial Inc                                                                   | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    219007 | NS      | $13111949.09  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                              | Bayer AG                                                                                          | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    320717 | NS      | $10551774.01  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings Inc        | SS&C Technologies Holdings Inc                                                                    | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    297056 | NS      | $26336984.96  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                     | General Motors Co                                                                                 | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    129385 | NS      | $7580667.15   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (STMICROELECTRONICS NV) 21.93 09/11/2025 (STM US)              | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    159600 | PA      | $4320767.78   | 0.23%             | 2025-09-11      | Fixed         | 21.93%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (SANOFI SA) 21.95 10/23/2025 (SAN FP)                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |    131800 | PA      | $13181944.18  | 0.69%             | 2025-10-23      | Fixed         | 21.95%                | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (SEALED AIR CORP) 23.49 10/14/2025 (SEE US)                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |    147238 | PA      | $4693559.06   | 0.25%             | 2025-10-14      | Fixed         | 23.49%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (SEALED AIR CORP) 24.65 10/09/2025 (SEE US)                    | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    140100 | PA      | $4302956.52   | 0.23%             | 2025-10-09      | Fixed         | 24.65%                | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                   | Barrick Mining Corp                                                                               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    281040 | NS      | $7484095.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions        | Cognizant Technology Solutions Corp                                                               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     72253 | NS      | $5220279.25   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (COGNIZANT TECHNOLOGY SOLUTIONS CORP) 20.18 09/22/2025 (CTSH US)        | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     72300 | PA      | $5206062.32   | 0.27%             | 2025-09-22      | Fixed         | 20.18%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (AMERICAN ELECTRIC POWER CO INC) 19.05 09/22/2025 (AEP US)              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     38400 | PA      | $4294967.09   | 0.22%             | 2025-09-22      | Fixed         | 19.05%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (THE CAMPBELL'S COMPANY) 33.30 10/03/2025 (CPB US)             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    185100 | PA      | $5910537.25   | 0.31%             | 2025-10-03      | Fixed         | 33.30%                | No            |                  2 | On Loan: No      |
| Crown Castle Inc                      | Crown Castle Inc                                                                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     52433 | NS      | $5198207.62   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (GLOBAL PAYMENTS INC) 22.71 09/15/2025 (GPN US)               | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | GB        |     44200 | PA      | $3856758.15   | 0.20%             | 2025-09-15      | Fixed         | 22.71%                | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                   | Swatch Group AG/The                                                                               | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |     53966 | NS      | $9757874.28   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE Inc                              | NIKE Inc                                                                                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     33307 | NS      | $2576962.59   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (KONINKLIJKE PHILIPS NV) 17.77 09/18/2025 (PHIA NA)                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    160900 | PA      | $4468436.98   | 0.23%             | 2025-09-18      | Fixed         | 17.77%                | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (ELEVANCE HEALTH INC) 18.35 09/08/2025 (ELV US)                           | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |     17300 | PA      | $5481011.35   | 0.29%             | 2025-09-08      | Fixed         | 18.35%                | No            |                  2 | On Loan: No      |
| Airbus SE                             | Airbus SE                                                                                         | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     37548 | NS      | $7850126.19   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Group Inc/The                 | Carlyle Group Inc/The                                                                             | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    206891 | NS      | $13356882.96  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (BP PLC) 29.35 09/01/2025 (BP/ LN)                                          | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |   2207200 | PA      | $12357285.29  | 0.65%             | 2025-09-01      | Fixed         | 29.35%                | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co               | Bristol-Myers Squibb Co                                                                           | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    172810 | NS      | $8153175.80   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                            | Hasbro Inc                                                                                        | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |    106344 | NS      | $8631942.48   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (ALPHABET INC) 23.09 09/25/2025 (GOOG US)                               | CUSIP: 06370D233<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |     78500 | PA      | $15341585.92  | 0.80%             | 2025-09-25      | Fixed         | 23.09%                | No            |                  2 | On Loan: No      |
| BP PLC                                | BP PLC                                                                                            | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |   4695889 | NS      | $27469188.67  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (LAMB WESTON HOLDINGS INC) 31.98 10/20/2025 (LW US)            | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    125000 | PA      | $7026250.00   | 0.37%             | 2025-10-20      | Fixed         | 31.98%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (RENTOKIL INITIAL PLC) 18.00 10/23/2025 (RTO LN)                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |   2002400 | PA      | $9675303.97   | 0.51%             | 2025-10-23      | Fixed         | 18.00%                | No            |                  2 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (RTX CORP) 19.65 09/25/2025 (RTX US)                                   | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     55200 | PA      | $8731193.36   | 0.46%             | 2025-09-25      | Fixed         | 19.65%                | No            |                  2 | On Loan: No      |
| Voya Financial Inc                    | Voya Financial Inc                                                                                | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    181721 | NS      | $13645429.89  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (UNION PACIFIC CORP) 18.54 10/03/2025 (UNP US)                | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |     14400 | PA      | $3190977.58   | 0.17%             | 2025-10-03      | Fixed         | 18.54%                | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                  | Keurig Dr Pepper Inc                                                                              | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    251275 | NS      | $7309589.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc                      | PDD Holdings Inc                                                                                  | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |     49068 | NS      | $5898954.96   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (VOYA FINANCIAL INC) 22.40 10/02/2025 (VOYA US)                                | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |    105200 | PA      | $7629145.82   | 0.40%             | 2025-10-02      | Fixed         | 22.40%                | No            |                  2 | On Loan: No      |
| Shell PLC                             | Shell PLC                                                                                         | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    507143 | NS      | $18672685.49  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (CARLYLE GROUP INC/THE) 22.57 10/16/2025 (CG US)                          | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |    152900 | PA      | $9724734.43   | 0.51%             | 2025-10-16      | Fixed         | 22.57%                | No            |                  2 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (HEALTHCARE REALTY TRUST INC) 22.22 10/03/2025 (HR US)                  | CUSIP: 06370D373<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |    240000 | PA      | $4105289.59   | 0.21%             | 2025-10-03      | Fixed         | 22.22%                | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc             | Keysight Technologies Inc                                                                         | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |         1 | NS      | $163.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (KRAFT HEINZ CO/THE) 23.02 09/08/2025 (KHC US)                          | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    411200 | PA      | $11506795.63  | 0.60%             | 2025-09-08      | Fixed         | 23.02%                | No            |                  2 | On Loan: No      |
| Canadian National Railway Co          | Canadian National Railway Co                                                                      | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     59880 | NS      | $5796807.81   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc        | American Electric Power Co Inc                                                                    | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     52136 | NS      | $5788138.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                   | Cardinal Health Inc                                                                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    105038 | NS      | $15627553.64  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbell's Company                | The Campbell's Company                                                                            | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |    250510 | NS      | $7998784.30   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc             | L3Harris Technologies Inc                                                                         | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     25141 | NS      | $6979644.42   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (BAYER AG) 29.34 09/18/2025 (BAYN GY)                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |    237000 | PA      | $7816647.70   | 0.41%             | 2025-09-18      | Fixed         | 29.34%                | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc             | AvalonBay Communities Inc                                                                         | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     48090 | NS      | $9418426.50   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (AVALONBAY COMMUNITIES INC) 22.39 09/25/2025 (AVB US)                  | CUSIP: 83371P747<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     28300 | PA      | $5327561.28   | 0.28%             | 2025-09-25      | Fixed         | 22.39%                | No            |                  2 | On Loan: No      |
| Western Digital Corp                  | Western Digital Corp                                                                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    240873 | NS      | $19351736.82  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (INTEL CORP) 31.52 09/15/2025 (INTC US)                                | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     78600 | PA      | $1888897.22   | 0.10%             | 2025-09-15      | Fixed         | 31.52%                | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                       | Dollar Tree Inc                                                                                   | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     73538 | NS      | $8028143.46   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (AIRBUS SE) 20.03 10/07/2025 (AIR FP)                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |     27600 | PA      | $5776328.35   | 0.30%             | 2025-10-07      | Fixed         | 20.03%                | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                   | Henkel AG & Co KGaA                                                                               | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |    174333 | NS      | $14715499.94  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sealed Air Corp                       | Sealed Air Corp                                                                                   | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    388776 | NS      | $12623556.72  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional  | BlackRock Cash Funds - Institutional                                                              | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |   3222492 | NS      | $3224103.68   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SECURITIES (USA) LLC               | TD SECURITIES (USA) LLC (INTERCONTINENTAL EXCHANGE INC) 11.14 10/09/2025 (ICE US)                 | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Long             | DBT              | CORP              | CA        |     44000 | PA      | $7833555.23   | 0.41%             | 2025-10-09      | Fixed         | 11.14%                | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                    | Kraft Heinz Co/The                                                                                | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    172931 | NS      | $4836880.07   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.            | HSBC SECURITIES (USA) INC (SWATCH GROUP AG/THE) 23.12 10/07/2025 (UHR SW)                         | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | DBT              | CORP              | GB        |     43600 | PA      | $7690395.90   | 0.40%             | 2025-10-07      | Fixed         | 23.12%                | No            |                  2 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (DOLLAR TREE INC) 32.70 09/15/2025 (DLTR US)                           | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     54200 | PA      | $5938711.94   | 0.31%             | 2025-09-15      | Fixed         | 32.70%                | No            |                  2 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (CSX CORP) 21.86 09/25/2025 (CSX US)                                   | CUSIP: 83371P770<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |    130100 | PA      | $4292200.61   | 0.22%             | 2025-09-25      | Fixed         | 21.86%                | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (FIDELITY NATIONAL FINANCIAL INC) 16.92 10/09/2025 (FNF US)   | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |    102700 | PA      | $6146408.34   | 0.32%             | 2025-10-09      | Fixed         | 16.92%                | No            |                  2 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (AIR PRODUCTS AND CHEMICALS INC) 15.30 10/02/2025 (APD US)                     | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |     24000 | PA      | $7007419.89   | 0.37%             | 2025-10-02      | Fixed         | 15.30%                | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd            | Samsung Electronics Co Ltd                                                                        | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     28336 | NS      | $35047752.77  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                              | Visa Inc                                                                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     11324 | NS      | $3983556.72   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information         | Fidelity National Information Services Inc                                                        | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    331284 | NS      | $23126936.04  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (MEDTRONIC PLC) 16.12 10/20/2025 (MDT US)                     | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |    163700 | PA      | $15076835.48  | 0.79%             | 2025-10-20      | Fixed         | 16.12%                | No            |                  2 | On Loan: No      |
| Ralliant Corp                         | Ralliant Corp                                                                                     | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130063 | NS      | $5437934.03   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/The                     | Middleby Corp/The                                                                                 | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     84690 | NS      | $11589826.50  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (L3HARRIS TECHNOLOGIES INC) 18.90 09/08/2025 (LHX US)                          | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |     55100 | PA      | $14900700.70  | 0.78%             | 2025-09-08      | Fixed         | 18.90%                | No            |                  2 | On Loan: No      |
| Evergy Inc                            | Evergy Inc                                                                                        | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    109290 | NS      | $7788005.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                          | Centene Corp                                                                                      | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     93367 | NS      | $2711377.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                        | Amazon.com Inc                                                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    155721 | NS      | $35660109.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (FIDELITY NATIONAL INFORMATION SERVICES INC) 19.57 09/29/2025 (FIS US)  | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    194900 | PA      | $13632998.55  | 0.71%             | 2025-09-29      | Fixed         | 19.57%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (GENERAL MOTORS CO) 22.86 10/20/2025 (GM US)                   | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |     95500 | PA      | $5595345.00   | 0.29%             | 2025-10-20      | Fixed         | 22.86%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (PPG INDUSTRIES INC) 21.08 09/11/2025 (PPG US)                              | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |     66700 | PA      | $7428506.36   | 0.39%             | 2025-09-11      | Fixed         | 21.08%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (ELECTRONIC ARTS INC) 13.71 10/02/2025 (EA US)                          | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     65300 | PA      | $10906001.88  | 0.57%             | 2025-10-02      | Fixed         | 13.71%                | No            |                  2 | On Loan: No      |
| Baxter International Inc              | Baxter International Inc                                                                          | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    968888 | NS      | $23921844.72  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                             | Lear Corp                                                                                         | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     45911 | NS      | $5050210.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                             | PG&E Corp                                                                                         | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    296785 | NS      | $4534874.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (FORTUNE BRANDS INNOVATIONS INC) 21.44 09/22/2025 (FBIN US)            | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    168800 | PA      | $9672493.16   | 0.51%             | 2025-09-22      | Fixed         | 21.44%                | No            |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc        | Fortune Brands Innovations Inc                                                                    | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    279421 | NS      | $16351716.92  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc               | WESCO International Inc                                                                           | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     31640 | NS      | $6955737.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                             | Sanofi SA                                                                                         | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    178500 | NS      | $17709345.68  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortive Corp                          | Fortive Corp                                                                                      | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    112025 | NS      | $5361516.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                     | Kosmos Energy Ltd                                                                                 | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   7054416 | NS      | $12627404.64  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (EXELON CORP) 19.40 10/16/2025 (EXC US)                       | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | JP        |    226800 | PA      | $10005576.27  | 0.52%             | 2025-10-16      | Fixed         | 19.40%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (BRISTOL-MYERS SQUIBB CO) 18.25 10/03/2025 (BMY US)                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    127600 | PA      | $5881955.36   | 0.31%             | 2025-10-03      | Fixed         | 18.25%                | No            |                  2 | On Loan: No      |
| WPP PLC                               | WPP PLC                                                                                           | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |   3446643 | NS      | $18276247.76  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                     | CISCO SYSTEMS INC                                                                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    222725 | NS      | $15388070.25  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO CAPITAL MARKETS CORP.             | BMO CAPITAL MARKETS CORP. (CENTENE CORP) 43.88 10/09/2025 (CNC US)                                | CUSIP: 06370D407<br>LEI: RUC0QBLBRPRCU4W1NE59 | Long             | DBT              | CORP              | US        |     68900 | PA      | $1903997.04   | 0.10%             | 2025-10-09      | Fixed         | 43.88%                | No            |                  2 | On Loan: No      |
| ICON PLC                              | ICON PLC                                                                                          | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     18820 | NS      | $3348830.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                      | WELLS FARGO & CO                                                                                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    335959 | NS      | $27609110.62  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (DOLLAR GENERAL CORP) 25.77 09/29/2025 (DG US)                          | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |     81200 | PA      | $8887772.48   | 0.47%             | 2025-09-29      | Fixed         | 25.77%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (CNH INDUSTRIAL NV) 25.69 10/16/2025 (CNH US)                          | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    292300 | PA      | $3410542.92   | 0.18%             | 2025-10-16      | Fixed         | 25.69%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (HENKEL AG & CO KGAA) 11.00 09/18/2025 (HEN3 GY)                        | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |    128800 | PA      | $10597512.35  | 0.55%             | 2025-09-18      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (FIDELITY NATIONAL FINANCIAL INC) 20.82 10/02/2025 (FNF US)             | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |    106900 | PA      | $6324609.01   | 0.33%             | 2025-10-02      | Fixed         | 20.82%                | No            |                  2 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (AMAZON.COM INC) 18.26 09/15/2025 (AMZN US)                            | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |    102500 | PA      | $23644400.55  | 1.24%             | 2025-09-15      | Fixed         | 18.26%                | No            |                  2 | On Loan: No      |
| RTX Corp                              | RTX Corp                                                                                          | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     74687 | NS      | $11845358.20  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC            | VERIZON COMMUNICATIONS INC                                                                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    255612 | NS      | $11305718.76  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC          | British American Tobacco PLC                                                                      | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    208876 | NS      | $11861578.81  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corp                   | Dollar General Corp                                                                               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    109951 | NS      | $11958270.76  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                          | Comcast Corp                                                                                      | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    565836 | NS      | $19221448.92  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                   | STAG Industrial Inc                                                                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    170769 | NS      | $6292837.65   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                   | Global Payments Inc                                                                               | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     73913 | NS      | $6564952.66   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                           | NVIDIA Corp                                                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     25590 | NS      | $4457266.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc         | Intercontinental Exchange Inc                                                                     | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     59592 | NS      | $10523947.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                 | Becton Dickinson & Co                                                                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    177469 | NS      | $34247967.62  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (WESCO INTERNATIONAL INC) 25.59 10/02/2025 (WCC US)                     | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     23300 | PA      | $4903550.42   | 0.26%             | 2025-10-02      | Fixed         | 25.59%                | No            |                  2 | On Loan: No      |
| Axalta Coating Systems Ltd            | Axalta Coating Systems Ltd                                                                        | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |    276560 | NS      | $8645265.60   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms Inc                                                                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13728 | NS      | $10140873.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                    | UBS SECURITIES LLC (LEIDOS HOLDINGS INC) 14.80 10/02/2025 (LDOS US)                               | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | Long             | DBT              | CORP              | GB        |     54300 | PA      | $9725747.67   | 0.51%             | 2025-10-02      | Fixed         | 14.80%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (FORTIVE CORP) 19.77 10/14/2025 (FTV US)                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |     82800 | PA      | $3970678.63   | 0.21%             | 2025-10-14      | Fixed         | 19.77%                | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc         | Rexford Industrial Realty Inc                                                                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    200715 | NS      | $8311608.15   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SG AMERICAS SECURITIES, LLC           | SG AMERICAS SECURITIES LLC (CARDINAL HEALTH INC) 20.41 09/15/2025 (CAH US)                        | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | DBT              | CORP              | FR        |     77500 | PA      | $11643297.00  | 0.61%             | 2025-09-15      | Fixed         | 20.41%                | No            |                  2 | On Loan: No      |
| Sempra                                | Sempra                                                                                            | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     89589 | NS      | $7396467.84   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC. | NOMURA SECURITIES INTERNATIONAL INC (CISCO SYSTEMS INC) 14.33 09/15/2025 (CSCO US)                | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | DBT              | CORP              | GB        |    164600 | PA      | $11406428.36  | 0.60%             | 2025-09-15      | Fixed         | 14.33%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (SS&C TECHNOLOGIES HOLDINGS INC) 14.04 10/09/2025 (SSNC US)    | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    114600 | PA      | $10110595.62  | 0.53%             | 2025-10-09      | Fixed         | 14.04%                | No            |                  2 | On Loan: No      |
| PPG Industries Inc                    | PPG Industries Inc                                                                                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     90314 | NS      | $10045626.22  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (BARRICK MINING CORP) 27.14 10/02/2025 (B US)                           | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |    148300 | PA      | $3644061.91   | 0.19%             | 2025-10-02      | Fixed         | 27.14%                | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                  | Labcorp Holdings Inc                                                                              | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21723 | NS      | $6038776.77   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The               | Charles Schwab Corp/The                                                                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     83850 | NS      | $8036184.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.          | BNP PARIBAS SECURITIES CORPORATION (HEWLETT PACKARD ENTERPRISE CO) 40.75 10/03/2025 (HPE US)      | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | Long             | DBT              | CORP              | FR        |    192400 | PA      | $4201635.05   | 0.22%             | 2025-10-03      | Fixed         | 40.75%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (BOEING CO/THE) 21.46 09/22/2025 (BA US)                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |     40400 | PA      | $9198981.87   | 0.48%             | 2025-09-22      | Fixed         | 21.46%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                 | BARCLAYS CAPITAL INC. (BP PLC) 19.60 10/23/2025 (BP/ LN)                                          | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Long             | DBT              | CORP              | GB        |   2817400 | PA      | $16320697.94  | 0.85%             | 2025-10-23      | Fixed         | 19.60%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC              | RBC CAPITAL MARKETS, LLC. (APTIV PLC) 22.81 09/22/2025 (APTV US)                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | CORP              | CA        |     83500 | PA      | $6013797.48   | 0.31%             | 2025-09-22      | Fixed         | 22.81%                | No            |                  2 | On Loan: No      |
| Exelon Corp                           | Exelon Corp                                                                                       | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    306952 | NS      | $13407663.36  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc                | Flagstar Financial Inc                                                                            | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |    670875 | NS      | $8600617.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (LABCORP HOLDINGS INC) 17.64 10/14/2025 (LH US)                        | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |     15900 | PA      | $4396181.74   | 0.23%             | 2025-10-14      | Fixed         | 17.64%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC            | J.P. MORGAN SECURITIES LLC (KEURIG DR PEPPER INC) 20.77 10/16/2025 (KDP US)                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | CORP              | NL        |    185600 | PA      | $5517668.98   | 0.29%             | 2025-10-16      | Fixed         | 20.77%                | No            |                  2 | On Loan: No      |
| MIZUHO SECURITIES USA LLC             | MIZUHO SECURITIES USA LLC (SS&C TECHNOLOGIES HOLDINGS INC) 15.52 09/29/2025 (SSNC US)             | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | DBT              | CORP              | KY        |    104800 | PA      | $9159547.11   | 0.48%             | 2025-09-29      | Fixed         | 15.52%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer